ANNUAL REPORT 2010-2011

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CONTENTS Pages

Ten-Year Highlights 2

Directors’ Report &Management Discussionand Analysis 3-11

Corporate Governance Report 12-18

Shareholders’ Information 19-22

Auditors’ Report 23-25

Balance Sheet 26

Profit and Loss Account 27

Cash Flow Statement 28

Schedules ‘1’ to ‘15’ 29-43

Schedule ‘16’ – Notes Forming 44-58Part of the Accounts

Annexure I - Statement of Significant 59-60Accounting Policies and Practices

Research and Development 60Expenditure Account

Balance Sheet Abstract and 61Company’s General Business Profile

Consolidated Account 62-77

Details of Subsidiary Companies 78

CHAIRMAN EMERITUS : DR. VIJAYPAT SINGHANIA

BOARD OF DIRECTORS

GAUTAM HARI SINGHANIA, Chairman and Managing Director

DR. VIJAYPAT SINGHANIA, Chairman Emeritus

I. D. AGARWAL

NABANKUR GUPTA

P. K. BHANDARI

SHAILESH V. HARIBHAKTI

PRADEEP GUHA

AKSHAY CHUDASAMA (w.e.f. 21.04.2011)

BOMAN R. IRANI (w.e.f. 21.04.2011)

MANAGEMENT EXECUTIVES

GAUTAM HARI SINGHANIA, Chairman and Managing Director

ANIRUDDHA DESHMUKH, President – Textiles & FMCG

HARSHAL JAYAVANT, President – Engineering Business

H. SUNDER, President – Finance & Chief Financial Officer

K.A. NARAYAN, President – HR

RAKESH PANDEY, President – Retail & Business Development

ROBERT LOBO, President (Operations) – Group Apparel

SHREYAS JOSHI, President – Group Apparel

S.L. POKHARNA, President – Commercial

DIRECTOR – SECRETARIAL & COMPANY SECRETARY

THOMAS FERNANDES

BANKERS

BANK OF INDIA

BANK OF MAHARASHTRA

CENTRAL BANK OF INDIA

CITIBANK N.A.

HDFC BANK LIMITED

IDBI BANK LIMITED

STATE BANK OF INDIA

STANDARD CHARTERED BANK

AUDITORS

DALAL & SHAH

Chartered Accountants

INTERNAL & OPERATIONAL AUDITORS

MAHAJAN & AIBARA

Chartered Accountants

REGISTERED OFFICE

PLOT NO.156/H.NO. 2, VILLAGE ZADGAON

RATNAGIRI - 415 612, MAHARASHTRA

REGISTRAR & SHARE TRANSFER AGENT

LINK INTIME INDIA PRIVATE LIMITED

C-13, PANNALAL SILK MILLS COMPOUND, L.B.S MARG,

BHANDUP (WEST),

MUMBAI – 400 078.

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TEN YEAR HIGHLIGHTS(Rupees in Lacs)

2010-11 *2009-10 2008-09 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02

INCOME

Sales and Other Income 157270 142706 147780 146015 137497 140637 122639 116853 109588 103208

% Increase/(Decrease) 10.21 (3.43) 1.2 6.2 (2.2) 14.7 4.9 6.6 6.2 (29.9)

Gross Profit/(Loss) beforeinterest and depreciation 5277 22938 (12373) 22287 34840 27170 18442 27305 21820 18844

As % of Sales andOther Income 3.4 16.1 (8.4) 15.3 25.3 19.3 15.0 23.4 19.9 18.3

Net Profit/(Loss) after Tax (10487) 2637 (27040) 6612 20125 12229 7682 13184 9143 8364

ASSETS EMPLOYED

Net Fixed Assets 95972 98206 106115 73311 76174 84512 57563 42122 40602 37857

Investments 74013 89179 88859 104730 98448 73660 73428 71587 61231 58766

Net Current Assets 59516 57282 57155 58543 45343 44013 42083 44381 46623 50263

Total 229500 244667 252129 236584 219965 202185 173074 158090 148456 146886

% Increase/(Decrease) (6) (3) 7 8 9 17 9 6 1 5

EQUITY FUNDS AND EARNINGS

Shareholders’ Funds:

Shareholders’ Investments 1885 1885 1885 1885 1885 1885 1885 1885 1885 1885

Bonus Shares 4253 4253 4253 4253 4253 4253 4253 4253 4253 4253

Reserves 100420 111153 106560 133690 129478 112857 104256 98717 89297 83388

Total 106558 117291 112698 139828 135616 118995 110394 104855 95435 89526

Contribution to Country’sExchequer 3528 3798 7144 7998 10306 11011 10031 17672 17096 17410

Per Equity Share of Rs.10:

Book Value 173.6 191.1 187.0 231.2 220.9 193.9 179.9 170.8 155.5 145.9

Earnings (16.3) 4.1 (44.2) 11.8 32.9 19.7 13.6 21.6 14.7 14.4

Dividend 1.0 Nil Nil 2.5 5.0 5.0 4.0 5.5 4.5 4.5

* Figures are stated as per the Annual Report of 2009-10

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DIRECTORS’ REPORT & MANAGEMENT DISCUSSION AND ANALYSISDEAR MEMBERS,

Your Directors are pleased to present their 86th report on the business and operations of your Company together with the AuditedStatement of Accounts for the year ended March 31, 2011.

1. CORPORATE OVERVIEW

Raymond Limited is India’s leading Textile and Branded clothing Company with interests in engineering (files, tools and autocomponents) having its corporate headquarters in Mumbai.

The Company prepares its financial statements in compliance with the requirements of the Companies Act, 1956, and theGenerally Accepted Accounting Principles (GAAP) in India. Overall the financial statements have been prepared on thehistorical cost basis.

2. FINANCIAL HIGHLIGHTS

With the economic revival gathering momentum, a clutch of growth trajectory initiatives enabled your Company to deliverpositive growth and further consolidate its leadership in its core businesses. FY 2011 has been both challenging and momentousfor your Company. The resilience and inherent strength of your Company’s superior technology-based manufacturing, deeppan-India retail network accompanied by strong and successful brands were the key-drivers that enabled your Company todeliver better performance with improvements across key parameters in FY 2011.

A significant development during the year under review has been the amicable solution arrived by the Company with theWorkmen Union at the high-cost Thane Textile factory. The Voluntary Separation Scheme package of Rs. 238 crore was signed inOctober 2010 covering over 1850 workers. Your Directors wish to compliment workers of the Thane Unit for the peacefulsettlement and wish them and their familes all the very best for the future.

The amalgamation of erstwhile Raymond Apparel Limited with Solitaire Fashions Limited during FY 2011 has enabled to optimizeoperational efficiencies and rationalise costs. As per the approvals granted by the Hon’ble High Courts, Bombay and Madrasrespectively under Section 391-394 of the Companies Act, 1956 the Assets and Liabilities of erstwhile Raymond Apparel Limitedhave been transferred to Solitaire Fashions Limited with effect from April 1, 2009. Subsequently, as per the aforesaid High Courts’Orders, the name of Solitaire Fashions Limited has been changed to Raymond Apparel Limited.

For the Financial Year ended March 31, 2011, the gross turnover of your Company was Rs.1496.53 crore as compared toRs.1339.37 crore in the previous year. Profit before tax and exceptional items was Rs. 100.02 crore as against Rs.18.88 crore in theprevious year. The net loss after exceptional items, prior year adjustments and provision for taxes was of Rs. 100.19 crore asagainst a net profit of Rs.25.06 crore last year. The loss is on account of the exceptional item of the one-time workers settlementat the Company’s Thane Textile Unit amounting to Rs.238 crore. In view of the divestment of Files business effectiveOctober 1, 2009, figures of the current periods are not comparable with corresponding figures of previous year.

Your Directors are optimistic that the Company’s performance will improve and also observe that the exceptional charge ofRs. 238 crore in the Financial Statements for FY 2011 consequent to the Workers Settlement in Thane has resulted in a Net Loss ofRs.100.19 crore. In view of the good operating profits, your Directors propose to declare dividend out of Reserves by followingthe Companies (Declaration of Dividend out of Reserves) Rules 1975. Accordingly, an amount of Rs. 27.07 crore has beenwithdrawn from General Reserves. Out of the amount available for appropriation, your Directors recommend a dividend of 10%aggregating to Rs. 6.14 crore (Previous Year: Nil) on Equity Shares. The dividend tax on the dividend recommended will beRs.1.00 crore (Previous Year: Nil).

Your Company continues with its task to build business with long-term goals based on its intrinsic strength in terms of its powerfulbrands, quality manufacturing prowess, distribution strength and customer relationships. Rationalising and streamlining operationsto bring about efficiencies and reducing costs will remain top priority.

3. OVERVIEW OF THE ECONOMY

Despite new risks, the global economic recovery is gaining strength and the IMF has projected a 4.5% world growth in 2011 and2012. While growth in emerging economies remain strong, that in the US and European region is slowly gaining momentum.Some of economies of the developed nations are still a concern with the Euro zone being the most vulnerable as ratingagencies continue to downgrade the sovereign rating of many of economies in this region. The natural disaster in Japan, sharpincrease in oil prices consequent to the turmoil in the Middle East and North Africa is fuelling uncertainty to the pace ofglobal recovery. Globally, elevated food and commodity prices accompanied by the spike in oil prices have engenderedinflation concerns.

The Indian Economy registered improved growth and was amongst the better performers amid emerging market economies.Central Statistical Organization’s recent estimated Indian GDP growth rate of 8.6% for 2010-11 is consistent with the RBI’sprojections for the same period. While the area sown under the Rabi crop is higher than last year which augurs well foragricultural production, the index of industrial production continues to be volatile. The other indicators such as latest PurchasingManagers’ Index, direct and indirect tax collections, merchandise exports and bank credit suggest that the growth momentum

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persists. However, continuing uncertainty about energy and commodity prices may vitiate the investment climate, posing athreat to the current growth trajectory. Inflation remains a challenge for the Indian Economy and the key risks are tightermonetary conditions and rising prices eating into the consumer’s disposable income.

4. ANALYSIS AND REVIEW

Textile Industry Conditions

The Textile industry is one of the largest and most important sectors in the Indian economy in terms of output, foreign exchangeearnings and employment. India’s Textile industry is one of the leading textile industries in the world. It contributes approximately14% to India’s industrial production, 4% to the GDP and 17% to the country’s export earnings. It provides direct employment toover 35 million people and is the second largest provider of employment after the agricultural sector. The industry is expected togrow steadily from its present US$ 70 billion to US$ 110 billion by 2015. Textile products including wearing apparel have registereda growth of 4.3% during April-January 2010-11, as per the Index of Industrial Production (IIP) data released by the CentralStatistical Organisation.

Notwithstanding signs of recovery from the previous financial crisis, the textile and apparel industry went through a tough yearstruggling with the surging and fluctuating prices of raw materials. However, the Government is making efforts in boosting thetextile industry through various initiatives and investments are increasing steadily. The Ministry of Textiles has sanctioned a total ofUS$ 133 million under Technology Upgradation Fund Schemes (TUFS) during September 2010. The industry is expected tocontinue to grow at a significant rate in the future, as it is fuelled by a strong domestic consumption.

Opportunities and Challenges

The present global economic scenario throws up opportunities for fundamentally strong companies such as your Company. Theinherent strength, in the form of strong domain expertise, powerful brand positioning and strength and resilience of the brands,fully integrated state-of-the-art production facilities, cutting-edge technology and unparalleled product innovation capabilitiescombined with the deep retail market penetration, growth potential of the Tier 3, 4 and 5 towns; provide a highly potentplatform to seize opportunities in the form of newer markets, new segments of customers, new channels of distribution, etc.

On the other hand, value buying by consumers, sharp increase in raw material prices, continued weakness in developedgeographies, prospect of higher domestic inflation, fiscal tightening, proposed imposition of mandatory levy on branded garmentsand interest rates are some of the challenges facing the Textile Industry at large.

Overview

The Company is the market leader in the textiles sector in India, has a powerful brand ‘Raymond’, state-of-the-art manufacturingfacilities and a strong all India retail presence in the form of ‘The Raymond Shop’ (‘TRS’). The Company is considered as the mostrespected company in the Apparel and Textile sector of India. The Company is on the path to becoming a lifestyle solution fordiscerning customers with an offering of a range of fabrics, garments and accessories in a premium shopping environment. TheCompany continues its growth of its retail network of ‘TRS’ in tier 3, 4 and 5 towns.

Performance Highlights

Robust demand conditions in the domestic market facilitated the Company to improve its realisation by passing on the costincrease and improving the product mix. The net sales for Textiles Division were Rs. 1485.43 crore compared to Rs. 1222.93 crorein the previous year.

Market Share and Retail Network

The Company is the market leader in India and is considered as one of the most formidable players in the global markets forhigh-quality suiting. The Company continued its focus on retail segment expansion during this financial year.

In FY 2011 the Textiles Division’s domestic sales were Rs. 1349.03 crore as against Rs.1089.29 crore in FY 2010. During FY 2011 theCompany opened 56 new retail stores. The Company continues to be judicious in its selection of store locations.

Export

The Exports market condition were tough during the financial year because of severe competition and continuous increase inthe raw material prices resulting in increase in the input costs. The Textile exports for the financial year 2010- 2011 remained flatand were Rs. 136.40 crore as against Rs. 133.64 crore in the previous year.

Raw Material

Wool prices have shown an upward trend in most of the months in the year under review. The Australian Dollar has appreciatedagainst the Indian Rupee and has shown a rising trend over the last 6 months. The Polyester Fibre prices also had an increasingtrend during the year under review.

5. FINANCE AND ACCOUNTS

The observations made by the Auditors in their Report have been clarified in the relevant notes forming part of the Accounts,which are self explanatory.

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6. PERFORMANCE OF SUBSIDIARY COMPANIES

Domestic

Raymond Apparel Limited

Members will recall that in order to optimize operational efficiencies, rationalize cost, enhance synergies of Branded ApparelBusiness, etc., the erstwhile Raymond Apparel Limited was amalgamated with another subsidiary company namely; SolitaireFashions Limited and the Scheme of Amalgamation and Arrangement was sanctioned by the Hon’ble High Court of Judicatureat Madras and by the Hon’ble High Court of Judicature at Bombay. As part of the Scheme approved by the Hon’ble HighCourts and after following the legal process stipulated under Section 21 of the Companies Act, 1956 the name of SolitaireFashions Limited was changed to Raymond Apparel Limited.

FY 2011 witnessed improvement in customer sentiments with marginal increase in foot-falls. Consequently, the performance ofthis company was better than the previous year. The gross turnover for the FY 2011 was Rs. 468.79 crore (Previous Year:Rs. 406.29 crore) while the Net Profit after tax was Rs. 22.64 crore (Previous Year: 34.49 crore).

This company has taken many initiatives to consolidate its market leadership, improve profitability, product innovation, appropriateproduct-price mix and operating efficiencies with a special focus in retail.

Colorplus Fashions Limited

The Company’s gross turnover for the year ended March 2011 was Rs. 172.00 crore (Previous Year: Rs. 154.28 crore). TheCompany had a profit after tax of Rs. 10.38 crore (previous year loss : Rs. 3.40 crore). This Company continues its initiatives atinnovation and is a leading player in the premium casual wear segment.

Silver Spark Apparel Limited

The gross turnover of the Company was Rs. 109.36 crore as compared to the previous year Rs. 83.49 crore. The Company had aProfit after Tax of Rs. 5.62 crore (Previous Year: Rs. 3.06 crore).

Celebrations Apparel Limited

The gross turnover of the Company was Rs. 17.17 crore (Previous Year: Rs. 17.42 crore). The Company earned a profit after tax ofRs.0.85 crore (Previous Year Rs. 2.09 crore).

Everblue Apparel Limited

The Company earned a Profit after Tax of Rs.0.82 crore (Previous Year: Rs. 2.15 crore).

Raymond Woollen Outerwear Limited

The gross turnover of the Company, net of returns and discounts was Rs. 50.58 crore (Previous Year: Rs. 46.17 crore). The Companyincurred a loss before prior period adjustment of Rs. 4.32 crore (Previous Year: loss Rs. 1.44 crore).

Your Company is in the process of seeking necessary legal approvals from members / others for the amalgamation of thiscompany. This legal process is expected to help improve the capacity of your Company and enhance operational efficiencies.

JK Files (India) Limited

The Company is engaged in manufacturing and marketing of Steel Files. With acquisition of Files & Tools Division of RaymondLtd., in the previous financial year, this Company added to its portfolio of products to the established business of High PrecisionFiles, HSS Cutting Tools, Power Tools and Hand Tools.

The Company continues to be the market leader in the files segment in the domestic market and the largest producer of SteelFiles in the world.

The Export sales of the Company was Rs.100.10 crore compared to Rs.45.72 crore in the corresponding previous year. TheCompany reported gross turnover of Rs. 272.12 crore for the year under review (Previous Year: Rs.138.66 crore). The profit after taxwas Rs.10.91 crore (Previous Year : Rs.4.58 crore). The significant growth during the year is also seen on account of acquisition ofFiles & Tools business of Raymond Ltd., during second half of previous year. In spite of spiraling inflationary trends and volatileforeign currency, the Company was able to put up a significantly good performance during the year under review. The initiativestaken to improve on time in full (OTIF), customer service, control on cost, productivity, process and control over rejections,effective implementation of Theory of Constraints model, optimizing working capital and aggressive marketing are the factorswhich have helped the Company to register good performance for the year under review.

The Company has taken conscious efforts towards better environment and safety at all its manufacturing facilities. This company’sall manufacturing units now have BS OHSAS 18001:2007 and ISO 14001: 2004 certification.

JK Talabot Limited

The Company manufactures Files and Rasps at its plant located in Chiplun, Ratnagiri District, in the state of Maharashtra. Duringthe year, gross turnover of the Company was at Rs.21.62 crore (Previous Year: Rs. 17.44 crore). The Company recorded Profit afterTax of Rs.1.43 crore (Previous Year: Rs.0.83 crore) during the FY 2011.

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The performance of the Company during the year was good, as it continued its initiative on improvement in productivity, quality,and control on costs, working capital, and better capacity utilization through effective implementation of Theory of Constraintsmodel.

Scissors Engineering Products Limited

The Company incurred a loss of Rs.43,666 (Previous Year: loss of Rs.34,631) during the year under review.

Ring Plus Aqua Limited

The gross turnover of the Company was at Rs. 116.55 crore (Previous Year: Rs. 81.74 crore). Profit after Tax was at Rs. 11.29 crore(Previous Year: Rs. 5.08 crore). With significant growth trend in the Auto Industry, the Company crossed the milestone of grosssales turnover of Rs.100 crore during the year under review.

The Gear sales showed significant growth during the year under review and were higher by 58% at Rs. 73.21 crore as comparedto Rs. 46.30 crore in the previous year. The export sales have doubled and domestic sales have recorded good growth of around22% compared to previous year. With growing demand, the Company has decided to augment its capacity by 1.5 million gearsduring the year under review, to take total Ring Gear capacity to 4.5 million per annum. The capacity expansion is progressingas per schedule and is expected to be complete by September 2011.

The sales for Bearing Division were marginally higher at Rs. 26.55 crore as compared to the previous year when it wasRs. 25.73 crore. USA continued to be the major market for Bearing exports.

Pashmina Holdings Limited

The Company made a profit after tax of Rs 1.99 crore in the FY 2011 as compared to a loss of Rs.0.05 crore in the previous year.

Overseas Companies

Jaykayorg AG recorded a profit of CHF 240,318 (equivalent to Rs.1.15 crore) [Previous Year: loss CHF 743,667 (equivalent toRs.3.34 crore)] for the year ended December 31, 2010.

Raymond (Europe) Limited recorded a profit of Pound Sterling 19,474 (equivalent to Rs.0.14 crore) [Previous Year: loss PoundSterling 111,804 (equivalent to Rs.0.84 crore)] for the year ended December 31, 2010.

R & A Logistics INC, USA, a subsidiary of Ring Plus Aqua Limited set up in USA to provide better service to US based customers,earned a profit of US$ 11,111 (equivalent to Rs. 0.04 crore) [Previous Year: profit US$ 7,239 (equivalent to Rs.0.03 crore)] for theyear ended March 31, 2011.

7. PERFORMANCE OF JOINT VENTURES

Raymond UCO Denim Private Limited

During the year under review, the sales turnover of Indian operations, net of returns and discounts recorded a 28% growth toRs. 596.06 crore including exports of Rs.263.44 crore, as compared to Rs. 466.30 crore including exports of Rs. 226.92 crore for theprevious year ended March 31, 2010.

The Company recorded a profit before tax and exceptional items of Rs.6.18 crore as against a loss of Rs 4.27 crore in theprevious year ended March 31, 2010.

During the year, Rs. 48.54 crore was invested in its subsidiary from the proceeds of the equity capital subscribed by both theshareholders. The subsidiary has used these funds for repaying its obligations to the European Banks and consequently thecorporate guarantee stands discharged. A provision of Rs. 20 crore has been made towards diminution in the value of investmentin the books of this Company made in its subsidiary. The previous year had an exceptional gain of Rs. 7.23 crore arising from writeback of interest provided on loans and debentures subscribed by one of the shareholders of the Company.

Raymond Zambaiti Limited

The gross turnover of the Company was Rs. 211.76 crore (Previous Year: Rs. 163.20 crore). The Company had a Profit after Tax ofRs. 7.51 crore (Previous Year: Rs. 11.12 crore) during the year ended March 2011. During the year under review, steep increase incotton prices has impacted the profitability of the Company. This Company is the preferred premium high value shirting supplierto leading domestic brands and has a strong emphasis on quality and innovation.

8. QUALITY & ACCOLADES

Your Company continues to win awards year-on-year. Some notable awards during the year are:

• The Chhindwara unit of the Company won The National Safety Award under Scheme-II and runner up in Scheme-I for theperformance year 2008.

• The Vapi Textile Unit has been certified OHSAS 18001:2007 and declared as ISO 14001:2004.

• The Vapi Textile Unit won the 2nd Prize and Jalgaon Textile Unit was awarded Certificate of Merit in Energy Conservation atThe National Energy Conservation Awards in the Textile sector on December 14, 2010.

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• The Company has recently been adjudged as India’s Most Respected Company in the Textile and Apparel sector byBusiness World.

• The Company bagged the most prestigious award as ‘The Franchisor of the Year’ at the ‘Franchise and Star Retailer Awards’organized by Franchise India.

• The Company has been awarded the SAP Customer Centre of Expertise (CCOE) certification for its SAP operations onNovember 3, 2010.

• J.K. Files (India) Limited has won for the 4th consecutive year EEPC India Star Performer Award year 2008-09, for the highestengineering exports in Hand Tools (Large Enterprise).

9. CONSOLIDATED ACCOUNTS

In accordance with the requirements of Accounting Standard AS-21 prescribed by The Institute of Chartered Accountants ofIndia, the Consolidated Accounts of the Company and its Subsidiaries (including the Joint Ventures) is annexed to this Report.

The Gross Consolidated Turnover for the year FY 2011 was Rs.3035.91 crore (Previous Year : Rs.2507.83 crore). The Consolidated Profitbefore Tax before exceptional items was Rs.198.92 crore (Previous Year: Rs.43.19 crore). The Consolidated Profit after tax for the yearwas Rs.38.04 crore (Previous Year Loss : Rs.50.15 crore).

10. CORPORATE GOVERNANCE

Your Company continues to be committed to good Corporate Governance aligned with good practices. Your Company is incompliance with the standards set out by Clause 49 of the Listing Agreement with the Stock Exchanges.

A separate Report on Corporate Governance along with the Auditors’ certificate on compliance with the Corporate Governanceas stipulated in Clause 49 is set out in this Annual Report and forms part of this Report.

11. DIRECTORS

In accordance with the provisions of the Companies Act, 1956 and the Company’s Articles of Association, Shri Nabankur Guptaand Shri Shailesh V. Haribhakti, Directors, retire by rotation at the forthcoming Annual General Meeting and, being eligible offerthemselves for re-appointment.

Shri Akshay Chudasama and Shri Boman R. Irani, Independent Directors were appointed as Additional Directors of the Companywith effect from April 21, 2011. In terms of Section 260 of the Companies Act, 1956, both Shri Chudasama and Shri Irani hold officeonly upto the date of the ensuing Annual General Meeting. The Company has received requisite notice in writing from membersproposing their respective names for the office of Director liable to retire by rotation.

12. DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby stateand confirm that:

(i) in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with properexplanation relating to material departures;

(ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimatesthat are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31,2011 and of the loss of the Company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordancewith the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities;

(iv) the Directors have prepared the annual accounts on a going concern basis.

13. AUDIT

Messrs. Dalal & Shah, Chartered Accountants, who are Statutory Auditors of the Company hold office up to the forthcomingAnnual General Meeting and are recommended for re-appointment to audit the accounts of the Company for the FinancialYear 2011-12. As required under the provisions of the Section 224 (1B) of the Companies Act, 1956, the Company has obtainedwritten confirmation from Messrs. Dalal & Shah that their appointment if made would be in conformity with the limits specified inthe Section.

As per the requirement of Central Government and pursuant to Section 233B of the Companies Act, 1956, your Company carriesout an audit of cost records relating to Textile Division every year. Subject to the approval of the Central Government, theCompany has appointed Messrs. R. Nanabhoy & Co., Cost Accountants, as Cost Auditors to audit the cost accounts of theCompany for the Financial Year 2011-12. The cost audit report for the Financial year 2009 – 2010 which was due to be filed withthe Ministry of Corporate Affairs on September 30, 2010 was filed on August 12, 2010.

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14. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company believes in formulating adequate and effective internal control systems and implementing the same strictly toensure that assets and interests of the Company are safeguarded and reliability of accounting data and accuracy are ensuredwith proper checks and balances. The Internal control systems is improved and modified continuously to meet the changes inbusiness conditions, statutory and accounting requirements.

The Audit Committee of the Board of Directors, Statutory Auditors and the Business Heads are periodically apprised of theinternal audit findings and corrective actions taken.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of internal control system andsuggests improvements for strengthening them. The Company has a robust Management Information System which is anintegral part of the control mechanism.

15. RISK MANAGEMENT

The Company is exposed to risks from market fluctuations of foreign exchange, interest rates, commodity prices, business risk,compliance risks and people risks.

Foreign Exchange Risk

The Company’s policy is to actively manage its long term foreign exchange risk within the framework laid down by theCompany’s forex policy.

Interest Rate Risk

Given the interest rate fluctuations, the Company has adopted a prudent and conservative risk mitigating strategy to minimisethe interest costs.

Commodity Price Risk

The Company is exposed to the risk of price fluctuation on raw materials as well as finished goods in all its products. TheCompany proactively manages these risks in inputs through forward booking, inventory management, proactive managementof vendor development and relationships. The Company’s strong reputation for quality, product differentiation and service, theexistence of a powerful brand image and a robust marketing network mitigates the impact of price risk on finished goods.

Risk Element in Individual Businesses

Apart from the risks on account of interest rate, foreign exchange and regulatory changes, various businesses of the Companyare exposed to certain operating business risks, which are managed by regular monitoring and corrective actions.

Compliance Risks

The Company is exposed to risks attached to various statutes and regulations including the Competition Act. The Company ismitigating these risks through regular reviews of legal compliances, through internal as well as external compliance audits.

People Risks

Retaining the existing talent pool and attracting new manpower are major risks. The Company has initiated various measuressuch as rollout of strategic talent management system, training and integration of learning activities. The Company has alsoestablished ‘Raymond Leadership Academy’, which helps to identify, nurture and groom managerial talent within the RaymondGroup to prepare them as future business leaders.

16. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has an innate desire and zeal to contribute towards the welfare and social upliftment of the community. TheCompany continues to support the following CSR initiatives:

• Smt. Sulochanadevi Singhania School at Thane, Maharashtra and the Kailashpat Singhania High School in Chhindwara, M.P.,having overall strength of around 7400 students, provide quality education not only to the Raymond employees’ children,but also to the children of the local populace;

• Raymond Embryo Research Centre for cattle is a centre set up at Gopalnagar, Bilaspur in Chhattisgarh and its ceaselessefforts and endeavours have made several significant achievements in Embryo Transfer. Raymond was the first organisationin India to introduce Embryo Transfer in Sheep;

• J. K. Trust Gram Vikas Yojana (JKTGVY) launched in 1997 helps transfer of the technical expertise gained over three decadesto the grass-root level. The mission of this initiative is to significantly improve the quality of life in India’s rural areas through a“Cattle Breed Improvement Programme”. This initiative operates in a network of over 4000 Integrated Livestock DevelopmentCentre in Chhattisgarh, Madhya Pradesh, Uttarakhand and Andhra Pradesh; and

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• Raymond Rehabilitation Centre has been set-up for the welfare of under-privileged children at Jekegram, Thane. Thisinitiative enables less fortunate children to be self-sufficient in life. The Centre provides free vocational training workshops toyoung boys over the age of 16. The three-month vocational courses comprise of basic training in electrical, air-conditioning& refrigeration, plumbing etc.

17. ENVIRONMENT AND SAFETY

The Company is conscious of the importance of environmentally clean and safe operations. The Company’s policy requires theconduct of all operations in such manner so as to ensure safety of all concerned, compliance of statutory and industrialrequirements for environment protection and conservation of natural resources to the extent possible.

18. HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The Company takes pride in the commitment, competence and dedication shown by its employees in all areas of business.Various HR initiatives are taken to align the HR Policies to the growing requirements of the business.

The Company has a structured induction process at all locations and management development programmes to upgrade skillsof managers. Objective appraisal systems based on Key Result Areas (KRAs) are in place for senior management staff.

Technical and safety training programmes are given periodically to workers. Industrial relations remained generally cordial.

19. STATUTORY INFORMATION

Information pursuant to sub-section 1 (e) of Section 217 of the Companies Act, 1956, read with the Companies (Disclosure ofParticulars in the Report of the Board of Directors) Rules, 1988 is given in Annexure - 1 to this Report.

During the FY 2011, 13 employees employed throughout the year, were in receipt of remuneration of Rs.60 lakh per annum ormore amounting to Rs.1474.28 lakh and 27 employees employed for part of the FY 2011 were in receipt of remuneration ofRs.5 lakh per month or more amounting to Rs.540.50 lakh. The information required under Section 217 (2A) of the Companies Act,1956 read with Companies (Particulars of Employees) Rules, 1975 and forming part of the Directors’ Report for the year endedMarch 31, 2011 is given in Annexure – 2 to this report.

None of the employees listed in the said Annexure is a relative of any Director of the Company. None of the employees hold (byhimself or along with his spouse and dependent children) more than two percent of the equity shares of the Company.

As per Section 212 of the Companies Act, 1956, the Company is required to attach the Directors’ Report, Balance Sheet, andProfit and Loss account of subsidiaries. The Central Government has granted general exemption from complying with Section212 of the Companies Act, 1956 to all companies vide Notification No. 5/12/2007-CL-III dated February 8, 2011. Accordingly, yourCompany has presented in this Report, the consolidated financial statements of the holding company and all its subsidiaries,duly audited by the Statutory Auditors. The Company has also disclosed in the Consolidated Balance Sheet the informationrequired to be provided as per the aforesaid notification dated February 8, 2011. The Company will make available the auditedannual accounts and related information of its subsidiaries, upon request by any of its shareholders. The annual accounts of thesubsidiary companies will also be kept for inspection, by any member at the Registered Offices of the Company and itssubsidiary companies.

The Company has not accepted any deposits, within the meaning of Section 58-A of the Companies Act, 1956 read with theCompanies (Acceptance of Deposits) Rules, 1975 made thereunder. The unclaimed Fixed deposits amounting to Rs. 95,000/- ason March 31, 2010, was transferred to Investor Education and Protection Fund during the year under review.

20. CAUTIONARY STATEMENT

Statement in this Directors’ Report & Management Discussion and Analysis describing the Company’s objectives, projections,estimates, expectations or predictions may be “forward-looking statements” within the meaning of applicable securities lawsand regulations. Actual results could differ materially from those expressed or implied. Important factors that could make adifference to the Company’s operations include raw material availability and prices, cyclical demand and pricing in theCompany’s principal markets, changes in Government regulations, tax regimes, economic developments within India and thecountries in which the Company conducts business and other incidental factors.

21. APPRECIATION

Your Directors wish to place on record their appreciation for the contribution made by employees at all levels but for whosehard work, solidarity, and support your Company’s achievements would not have been possible. Your Directors also wish to thankthe customers, dealers, agents, suppliers, joint venture partners, investors and bankers for their continued support and faithreposed in the Company. The Company also thanks the Central Government, the concerned State Governments and otherGovernment Authorities for their support and co-operation.

for and on behalf of the Board

Gautam Hari SinghaniaChairman and Managing Director

Mumbai, April 21, 2011

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Annexure - 1 to the Directors’ ReportInformation pursuant to Section 217(1)(e) of the Companies Act, 1956, read with Companies ( Disclosures of Particulars in the Reportof Board of Directors) Rules, 1988.

A. Conservation of Energy:

Energy conservation continued to have high prominence as in previous years.

Some of the initiatives taken in the 2010-11 were as follows:

In Textiles Division

At Chhindwara Unit:

1) Conversion from DC to AC drive in Benninger Warping machine.

2) Installation of Variable Frequency drives on TFO machines.

3) Installation of new energy saving machines in Dyeing section.

4) Installation of energy efficient light fittings.

At Jalgaon Unit:

1) Installation of energy efficient light fittings.

2) Installation of VFDs for air conditioning plant blowers & pumps.

3) Optimum utilization of Air compressors by means of compressed air pressure booster unit.

At Vapi Unit:

1) Installation of Inverter at Air washer tower.

2) Installation of Timer Switches for Warehouse storage area illumination.

B. Technology Absorption:

(a) Research and Development (R&D)

Textiles Division

The R&D Department of Textiles Division strives to develop and provide exclusive and innovative products under its brand.Some of the products developed and introduced during the year under review were:

1) BRADFORD Jacketing – A collection of reversible Jacketing fabric.

2) TERINO – A new generation fabric made from an innovative soft viscose blend with lustrous finish that keeps garmentfresh even after repetitive washes.

3) CLASSIC KHAKI – A trend setting range in various fibre blends in the color of fashion.

4) COTTON LUSTER - Softness of cotton with elegant sheen in unique yarn dyed designs.

The details of expenditure on Research and Development is given in this Report. The Company has incurred an expenditure ofRs.24.29 Lakh towards Research and Development which is 0.02 per cent of the total turnover of the Company for the FY 2011.

(b) Technology Absorption, Adaptation and Innovation

Textiles Division

The Textiles Division undertook the following measures towards Technology Absorption, Adaptation and Innovation:

1) Implementation of BARCO Optispin system in spinning department for online monitoring of Production parameters andreport generation.

2) Implementation of Automatic Humidification system for on line monitoring, control and report generation.

3) Installation of Condensate Heat recovery pumps at various locations.

4) Implementation of Nature Switch in Street lights for switching on the lights automatically when it is dark.

5) Quick style change in weaving department to reduce the Beam gaiting time.

C. Foreign Exchange Earnings and Outgo:

Textiles Division recorded an increase of 3% in exports, in comparison with the previous year, to Rs. 92.02 crore. This has beenachieved through focused effort on enhancing customer base and providing value added products.

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Form ‘A’[Forming part of Annexure - 1]

DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGYA. POWER AND FUEL CONSUMPTION

Purchased Own generation (through DieselGenerator/Steam Turbine)

Current Year Previous Year Current Year Previous Year

1. Electricity

a) Total units (KWH in thousands)

Textiles * 62352 68512 63873 67145

b) Total Amount (Rupees in lacs)

Textiles 3382 3762 2368 2462

c) Units/per Liter of Diesel Oil

Textiles - - 3.37 3.44

d) Units/per Kg. of Coal

Textiles - - 0.77 0.78

e) Units/per Cubic mtr of Gas

Textiles - - 3.20 3.46

f) Cost per unit (Rs.)

Textiles 5.42 5.49 3.71 3.67

*633.09 lac KWH units generated through steam turbine (Previous year 605.71 lac KWH units)

Total Total Cost Average Rate Quantity Rs. Lacs per Unit (Rs.)

2. Coal (M.T.)

a) Textiles Division**

Current Year 89911 2198 2444

Previous Year 85126 1804 2119

3. Furnace Oil (Lac Liters)

a) Textiles Division

Current Year 0.35 12 35.08

Previous Year 26.24 686 26.14

4. Diesel Oil (Lac Liters)

a) Textiles Division

Current Year 2 71 41.90

Previous Year 5 184 36.55

5. LPG (Kgs.)

a) Textiles Division

Current Year 48298 21 43.04

Previous Year 71737 29 40.56

6. Natural Gas (Lacs Cubic Mtr.)

a) Textiles Division

Current Year 76 1498 19.65

Previous Year 77 1263 16.43

**80889 MT used for CPP (Previous year 77481 MT)

B. CONSUMPTION PER UNIT OF PRODUCTIONUnit Standard (if any) Current Year Previous Year

ElectricityFabrics KWH/Metre - 3.93 4.88

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CORPORATE GOVERNANCE1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE:

Corporate Governance provides corporates with a framework to pursue the objectives of the organisation effectively. With thecombination of ethical values with business acumen, globalisation with national interest and core business with emergingbusinesses, Raymond is amongst the most respectable organisations in India. The Company will continue to focus its resources,strengths and strategies to achieve the vision of becoming a global leader in Textile, Apparel, Garmenting and Lifestyle Brandswhile upholding the Core values of Quality, Trust, Leadership and Excellence.

Raymond has a strong legacy of fair, transparent, ethical processes and best-of-breed practices. The Company has adopted aCode of Business Conduct and Ethics for its Board of Directors and Senior Management. This Code is on the Company’s website.The Company’s Corporate Governance philosophy is further strengthened through the Raymond Code of Conduct for Preventionof Insider Trading, as also the Charter – Business for Peace. The Company has in place an Information Security Policy that ensuresproper utilisation of Information Technology (IT) resources.

The Company complies with the requirements as laid down in Clause 49 of the Listing Agreement and the detailed report onimplementation of the Corporate Governance Code, is set out below:

1.1 GOVERNANCE STRUCTURE:Raymond’s Corporate Governance Structure is as under:

i. The Board of Directors - The Members of the Raymond Board are free to bring up any matter for discussion at the BoardMeetings and the functioning is democratic. The Board plays a key role in framing policies for ensuring and enhancinggood governance. Besides its primary role of setting corporate strategies and goals and monitoring corporate performance,the Board directs and guides the activities of the Management towards achieving those corporate goals, seeks accountabilitywith a view to achieve sustained and consistent growth aimed at adding value for its stakeholders.

ii. The Committee of Directors – The Board has constituted the following Committees viz; Audit Committee, Remuneration &Nomination Committee and Committee of Directors (which also acts as the Shareholders’/Investors’ Grievance Committee).Each of the Committee has been mandated to operate within a given framework.

2. BOARD OF DIRECTORS:COMPOSITION AND CATEGORYThe Board of Directors consists of professionals drawn from diverse fields and bring in a wide range of skills and experience tothe Board. The Board is broad-based and consists of eminent individuals from management, technical, financial and marketingfields. The Company is managed by the Board of Directors in coordination with the Senior Management team.

The day-to-day operations of the Company are conducted by the Chairman and Managing Director, subject to the supervisionand control of the Board of Directors. The Non-Executives Directors including the Independent Directors bring external, widerperception and independence in the decision making.

The composition of the Board of Directors, meets the requirements of Clause 49 (I) (A) of the Listing Agreement.

None of the Directors on the Board is a member of more than ten Committees and Chairman of more than five Committees(as specified in Clause 49), across all companies in which they are Directors.

ATTENDANCE OF EACH DIRECTOR AT THE BOARD MEETINGS AND THE LAST ANNUAL GENERAL MEETINGFive Board Meetings were held during the Financial Year 2010 - 2011 on the following dates: April 27, 2010; July 2, 2010; July 30,2010; October 26, 2010 and January 21, 2011. The gap between two Board Meetings did not exceed four months. During theFinancial Year 2010 - 2011 two Circular Resolutions were passed on May 28, 2010 and March 23, 2011.

The details in regard to attendance of Directors at Board Meetings/Shareholders Meetings, the number of Directorship(s) held inIndian public limited companies and the position of Membership/Chairmanship of Audit Committee and Shareholders/Investors’Grievance Committee in such Indian public limited companies is given below:

Name of the Director Category of No. of Attendance Directorship No. of Board RelationshipDirectorship Board at the held in Committees interse

Meetings AGM held on other Indian (other than Directorsattended June 15, 2010 public limited Raymondout of 5 companies Limited)

Meetings (excluding in whichheld Raymond Chairman/

Limited) MemberChairman Member

Dr. Vijaypat Singhania, Promoter, 5 Yes 5 Nil Nil Related toChairman Emeritus Non-Executive Shri GautamDIN: 00020063 Hari SinghaniaShri Gautam Hari Promoter, 5 Yes 9 Nil 1 Related toSinghania, Executive Dr. VijaypatChairman and SinghaniaManaging DirectorDIN: 00020088

Shri I. D. Agarwal Independent, 5 Yes Nil Nil Nil -DIN: 00293784 Non-Executive

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Shri Nabankur Gupta Independent, 5 No 9 1 3 -DIN: 00020125 Non-Executive

Shri P. K. Bhandari Non-Independent, 5 No 11 2 2 -DIN: 00021923 Non-Executive

Shri Shailesh V. Independent, 4 No 15 4 5 -Haribhakti Non-ExecutiveDIN: 00007347

Shri Pradeep Guha Independent, 5 Yes 4 Nil Nil -DIN: 00180427 Non-Executive

Shri Desh Deepak Executive, 1 out of 1 Not Not Not Not -Khetrapal, Non-Promoter applicable applicable applicable applicableWholetime Director(upto May 6, 2010)

BRIEF PROFILE OF THE NEW DIRECTORSAt the meeting of the Board of Directors held on April 21, 2011, the Board on the recommendations of the Nomination andRemuneration Committee appointed Shri Akshay Chudasama and Shri Boman R Irani as Independent Directors.

Shri Chudasama, is the Senior Partner, Member - Executive Committee and Co-Chairman - Corporate Commercial Practice ofa leading Law Firm, viz. Jyoti Sagar Associates, Advocates & Solicitors (Mumbai, New Delhi & Bangalore). Shri Chudasama was aPartner of AZB & Partners, Advocates & Solicitors (Mumbai, New Delhi & Bangalore), Managing Partner, LexInde, Advocate &Solicitors, and an Advocate and Junior Counsel, the Chambers of Shri G.E. Vahanvati (currently the Attorney General of India)and Senior Counsel, Bombay High Court. Shri Akshay Chudasama is an Arts (Economics) Graduate from the University ofMumbai and holds Bachelor of Laws Degree from the London School of Economics , University of London, UK. He was enrolledas a Solicitor with the Law Society of England & Wales in 2000 and Advocate with the Bar Council of Maharashtra & Goa in1994. Shri Chudasama had undergone the Harvard Leadership Program for Professional Services Organization inNovember, 2008. He is the member of various Bar Council/Bar Associations in India and abroad and on the Board of several companies.

Shri Boman Irani, is the Chairman and Managing Director of the Keystone Group. Shri Irani is a Bachelor of Engineering and hasundergone the Owner President Management Program from the Harvard Business School. Shri Irani is a first generation realestate developer and an entrepreneur with over 15 years of experience and profound knowledge about the Realty Industry.Having founded the Rustomjee Group in 1996, Boman has used his strong sense of acumen and expertise to evolve theCompany as one of the foremost and respected premier real estate companies in Mumbai. Shri Irani is also the founder andchief benefactor of the ‘Rustom Irani Foundation’ which manages and runs Institutes in all spheres of education from pre-schoolto post-graduation. His vision aligned with his mission to ‘Make Education a Priority’ has led the Rustomjee Institutes to achievean enviable reputation in a short span of time.

BOARD PROCEDUREThe Board generally meets once in a quarter to review the quarterly business and financial performance of the Company andits subsidiaries. These Meetings are scheduled well in advance and the notice of each Board Meeting is given in writing to eachDirector. All the items on the Agenda are accompanied by notes giving comprehensive information on the related subject andin certain matters such as financial/business plans, financial results, etc., the same are tabled at the meeting.

The Agenda and the relevant notes are sent in advance separately to each Director and only in exceptional cases; the sameis tabled at the meeting. The Minutes of the Board Meetings are also circulated in advance to all Directors and confirmed atsubsequent Meeting. The Board reviews the performance of the Company every quarter vis-à-vis the targets set by them andhelps in the major strategic decisions and policy formulations. The Members of the Board are also free to recommend theinclusion of any matter for discussion in consultation with the Chairman.

The Board members are briefed at every Board Meeting, on the overall performance of the Company, with presentations byBusiness Heads and Senior Management. The performance vis-à-vis budgets are also presented to the Members of the Board.

The information as specified in Annexure (I) (A) to Clause 49 of the Listing Agreement is regularly made available to the Board.

The Minutes of Audit Committee and other Committees of the Board are circulated in advance to all Directors, regularly placedbefore the Board and noted by the Board.

3. AUDIT COMMITTEE:BROAD TERMS OF REFERENCEThe composition, quorum, powers, role, review of information, scope etc., of the Audit Committee is in accordance with theSection 292A of the Companies Act, 1956 and the provisions of Clause 49 II (A), (B), (C), (D) and (E) of the Listing Agreement. TheAudit Committee acts as a link between the Statutory and Internal Auditors and the Board of Directors. The Audit Committeeinter-alia provides assurance to the Board on the adequacy of the internal control systems and financial disclosures.

Name of the Director Category of No. of Attendance Directorship No. of Board RelationshipDirectorship Board at the held in Committees interse

Meetings AGM held on other Indian (other than Directorsattended June 15, 2010 public limited Raymondout of 5 companies Limited)

Meetings (excluding in whichheld Raymond Chairman/

Limited) MemberChairman Member

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The Terms of Reference of the Audit Committee are as per the provisions and requirements of the Listing Agreement with theStock Exchanges and in accordance with Section 292A of the Companies Act, 1956. These broadly include approval of AnnualInternal Audit Plan, review of financial reporting system, internal controls system, discussion on quarterly, half-yearly and annualfinancial results, interaction with Statutory & Internal Auditors, in-camera meeting with Statutory and Internal Auditors,recommendation for the appointment of Statutory and Cost Auditors and fixing their remuneration, appointment and remunerationof Internal Auditors, Review of Business Risk Management Plan, Management Discussions & Analysis, Review of Internal AuditReports, significant related party transactions. The Company has framed the Audit Committee Charter for the purpose ofeffective compliance of Clause 49 of the Listing Agreement.

In fulfilling the above role, the Audit Committee has powers to investigate any activity within its terms of reference, to seekinformation from employees and to obtain outside legal and professional advice.

Additionally, the following terms of reference were issued to the Audit Committee by the Board of Directors:

a) to consider and recommend to the Board the following:

(i) investment guidelines for treasury operations;

(ii) capital expenditure for enhancement of production capacity (excluding capital expenditure for normal maintenance/repairs/replacements);

b) to review the Annual Budget;

c) to take note of the significant decisions taken or important developments considered at the Management Committee/Working Board Meetings; and

d) to carry out any other duties that may be delegated to the Audit Committee by the Board of Directors from time-to-time.

The Audit Committee, while reviewing the Annual Financial Statements also review the applicability of various AccountingStandards (AS) referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. Compliance of the AccountingStandards as applicable to the Company has been ensured in the preparation of the Financial Statements for the year endedMarch 31, 2011. The Company has appointed a firm of Chartered Accountants as Internal Auditors to review the internal controlsystems of the Company and to report thereon. The report of the Internal Auditors is reviewed by the Audit Committee.

The Members of the Audit Committee comprised of the following:

Name of the Director Category Qualifications required to be a member

Shri Shailesh V. Haribhakti, Chairman Independent, Non-Executive Has the requisite accounting and financialmanagement expertise.

Dr. Vijaypat Singhania Promoter, Non-Executive Has the requisite accounting and financialmanagement expertise.

Shri Nabankur Gupta Independent, Non-Executive Has the requisite accounting and financialmanagement expertise.

Shri I.D. Agarwal Independent, Non-Executive Has the requisite accounting and financialmanagement expertise.

The Chairman and Managing Director, President-Finance and Chief Financial Officer, Business Heads of the Company’s Divisions,the representatives of the Statutory Auditors and the Internal Auditors are permanent invitees to the Audit Committee Meetings.The representatives of the Cost Auditor attend such meetings of the Audit Committee where matters relating to the Cost AuditReport are discussed. Shri Shailesh Haribhakti, Chairman of the Audit Committee, could not attend the Annual General Meetingheld on June 15, 2010 due to his indisposition and had requested to make arrangements for another Independent Director andMember of the Audit Committee to attend the meeting in his place. Accordingly, Shri I.D. Agarwal, Independent Director andMember of the Audit Committee was present to provide any clarification on matters relating to the audit. The CompanySecretary acts as Secretary to the Audit Committee.

The Minutes of the Audit Committee Meetings are noted by the Board of Directors at the subsequent Board Meeting.

MEETINGS AND ATTENDANCE:The Audit Committee held four meetings during the financial year ended March 31, 2011 and the gap between two meetingsdid not exceed four months. The Audit Committee Meetings were held on April 27, 2010; July 30, 2010; October 26, 2010 andJanuary 21, 2011.

The attendance of the Members at the Audit Committee Meetings is as under:

Name of the Director No. of meetings No. of meetings Leave ofheld during tenure attended during tenure absence sought

Shri Shailesh V. Haribhakti 4 4 Nil

Dr. Vijaypat Singhania 4 4 Nil

Shri Nabankur Gupta 4 4 Nil

Shri I.D. Agarwal 4 4 Nil

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4. REMUNERATION AND NOMINATION COMMITTEE:TERMS OF REFERENCE• Reviewing the overall compensation policy, service agreements, ESOP Schemes and other employment conditions of

Managing/Wholetime Directors and Senior Management (one level below the Board of Directors);

• Reviewing the performance of the Managing/Wholetime Directors/Senior Management and recommending to the Board,the quantum of annual increments and annual commission;

• The Committee has the mandate to recommend the size and composition (including functional specialist) of the Board,establish procedures for the nomination process and recommend candidates for selection to the Board/nominate WholetimeDirectors; and

• Structure and design a suitable succession planning policy for Board and Senior Management team of the Company.

The Remuneration and Nomination Committee presently comprises of the following:

Name of the Director Position Category

Shri I.D. Agarwal Chairman Independent, Non-Executive

Dr. Vijaypat Singhania Member Promoter, Non-Executive

Shri Gautam Hari Singhania Member Promoter, Executive

Shri Nabankur Gupta Member Independent, Non-Executive

Shri Pradeep Guha Member Independent, Non-Executive

Shri Shailesh V. Haribhakti Member Independent, Non Executive

MEETING AND ATTENDANCEThe Committee did not hold any meeting during the financial year ended March 31, 2011. The Committee held two meetings onApril 1, 2011 and April 21, 2011.

REMUNERATION POLICYA. Remuneration to Non-Executive DirectorsThe Non-Executive Directors are paid remuneration by way of Commission and Sitting Fees. The Non-Executive Directors arepaid sitting fees for each meeting of the Board or Committee of Directors attended by them. The total amount of sitting feespaid during the financial year 2010-11 was Rs.13.80 Lakh.

None of the Non-Executive Directors have any material pecuniary relationship or transactions with the Company. Dr. VijaypatSinghania, Chairman Emeritus, belongs to the Promoter group.

B. Remuneration to Chairman and Managing Director (and Wholetime Director, if any)The appointment of Chairman and Managing Director and Wholetime Director is governed by the recommendation of theRemuneration & Nomination Committee, resolutions passed by the Board of Directors and shareholders of the Company, whichcovers the terms of such appointment and remuneration, read with the service rules of the Company. Payment of remunerationto Chairman and Managing Director and Wholetime Director is governed by the respective Agreements executed betweenthem and the Company. The remuneration package of Chairman and Managing Director and Wholetime Director comprisesof salary, perquisites and allowances, commission and contributions to Provident and other Retirement Benefit Funds as approvedby the shareholders at the General Meetings. Annual increments are linked to performance and are decided by the RemunerationCommittee and recommended to the Board for approval thereof.

The remuneration policy is directed towards rewarding performance, based on review of achievements. It is aimed at attractingand retaining high caliber talent.

There is no separate provision for payment of severance fees under the resolutions governing the appointment of Chairman andManaging Director and Wholetime Director.

Presently, the Company does not have a scheme for grant of stock options or performance linked incentives for its Directors.

DETAILS OF REMUNERATION PAID TO ALL THE DIRECTORS FOR THE YEAR ENDED MARCH 31, 2011(a) NON EXECUTIVE DIRECTORS

Name of the Director Commission* (Rs.) Sitting Fees (Rs.) No. of Shares held

Dr. Vijaypat Singhania, 4,16,667 1,80,000 56,247Chairman Emeritus

Shri I. D. Agarwal 4,16,667 1,80,000 Nil

Shri Nabankur Gupta 4,16,667 4,20,000 Nil

Shri P. K. Bhandari 4,16,667 3,40,000 3

Shri Shailesh V. Haribhakti 4,16,666 1,60,000 Nil

Shri Pradeep Guha 4,16,666 1,00,000 Nil

*payable during the FY 2011-2012

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(b) MANAGING AND WHOLETIME DIRECTOR

Name of the Director Salary (Rs.) Benefits (Rs.) RemarksShri Gautam Hari Singhania, 1,80,00,000 1,40,41,242 Appointment for a period 5 yearsChairman and Managing from July 1, 2009 to June 30, 2014Director and remuneration for a period of

3 years.

Shri. Desh Deepak Khetrapal, 7,49,727 10,04,593 Resigned from the BoardWholetime Director w.e.f. May 6, 2010.

Remuneration to the Chairman and Managing Director and the Wholetime Director have been paid in terms of the CentralGovernment approvals received.

5. SHAREHOLDERS’ / INVESTORS’ GRIEVANCE COMMITTEE:The Board of Raymond Limited has constituted a Committee of Directors, which inter-alia also functions as “Shareholders’/Investors’ Grievance Committee”, consisting of three members, chaired by a Non-Executive, Independent Director.

The Committee meets once a month and inter-alia, deals with various matters relating to:• approval of transfer of shares/debentures and issue of duplicate/split/consolidation/sub-division of share/debenture

certificates;• opening/modification of operation and closing of bank accounts;• grant of special/general Power of Attorney in favour of employees of the Company from time to time in connection with

the conduct of the business of the Company particularly with Government and Quasi-Government Institutions;• to fix record date/book closure of share/debenture transfer book of the Company from time to time;• to appoint representatives to attend the General Meeting of other companies in which the Company is holding shares;• to change the signatories for availment of various facility from Banks/Financial Institution;• to grant authority to execute and sign foreign exchange contracts and derivative transactions;• to carry out any other duties that may be delegated to the Committee by the Board of Directors from time-to-time.

The Secretarial Department of the Company and the Registrar and Share Transfer Agent, Link Intime India Private Limited attendto all grievances of the shareholders and investors received directly or through SEBI, Stock Exchanges, Ministry of CorporateAffairs, Registrar of Companies etc.

The Minutes of the Shareholders’/Investors’ Grievance Committee Meetings are circulated to the Board and noted by the Boardof Directors at the Board Meetings.

Continuous efforts are made to ensure that grievances are more expeditiously redressed to the complete satisfaction of theinvestors. Shareholders are requested to furnish their telephone numbers and e-mail addresses to facilitate prompt action.

The composition of the Committee of Directors and the attendance during 2010-11 is as under:

Name of the Director Category No of meeting No of meetings held during attended during

tenure tenureShri Nabankur GuptaChairman Independent, Non-Executive 12 12

Shri Gautam Hari Singhania Promoter, Executive 12 11

Shri P. K. Bhandari Non-promoter, Non-Executive 12 12

COMPLIANCE OFFICERThe Board has designated Shri Thomas Fernandes, Director – Secretarial & Company Secretary as the Compliance Officer.

DETAILS OF SHAREHOLDERS’ COMPLAINTS RECEIVED, NOT SOLVED AND PENDING SHARE TRANSFERSThe total number of complaints received and replied to the satisfaction of the shareholders during the year endedMarch 31, 2011 was 128.

There were no complaints outstanding as on March 31, 2011. The number of pending share transfers and pending requests fordematerialisation as on March 31, 2011 were Nil.

Shareholders’/Investors’ complaints and other correspondence are normally attended to within seven working days exceptwhere constrained by disputes or legal impediments. No investor grievances remained unattended/pending for more than thirtydays as on March 31, 2011.

6. GENERAL BODY MEETINGS:

a. Location and time, where last three Annual General Meetings were held is given below :

Financial Year Date Location of the Meeting Time

2007-2008 June 18, 2008 Registered Office of the Company at Ratnagiri 11.00 A.M.

2008-2009 June 10, 2009 Registered Office of the Company at Ratnagiri 11.00 A.M.

2009-2010 June 15, 2010 Registered Office of the Company at Ratnagiri 11.00 A.M.

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b. Special Resolutions passed at last three Annual General Meetings:At the 84th Annual General Meeting of the Company, the shareholders of the Company had subject to the approval of theCentral Government passed by special resolutions, the payment of minimum remuneration in the absence or inadequacyof profits to Shri Gautam Hari Singhania, Chairman and Managing Director, for the period from April 1, 2008 to June 30, 2009,and Shri P.K. Bhandari, Whole-Time Director for the period from April 1, 2008 to April 23, 2008 in view of inadequacy of profit.

c. Extraordinary General Meeting:No Extraordinary general meeting was held by the Company during the financial year ended March 31, 2011.

7. SUBSIDIARIES:The Company does not have any material non-listed Indian subsidiary whose turnover or net worth (i.e. paid-up capital and freereserves) exceeds 20% of the consolidated turnover or net worth respectively, of the listed holding company and its subsidiariesin the immediately preceding accounting year.

8. CODE OF CONDUCT:The Board of Directors has adopted the Code of Business Conduct and Ethics for Directors and Senior Management. The saidCode has been communicated to the Directors and members of the Senior Management. The Code has also been displayedon the Company’s website – www.raymond.in .

9. INSIDER TRADING :Code of Conduct for Prevention of Insider TradingThe Securities and Exchange Board of India (SEBI) has over the years introduced various amendments to the Insider TradingRegulations of 1992 which ordain new action steps by corporates and other market intermediaries for the purposes of preventionof Insider Trading.Pursuant to the above requirements of SEBI (Prohibition of Insider Trading) Regulations, 1992 as amended, the Company hasadopted a ‘Code of Conduct for Prevention of Insider Trading’ (The Code) with effect from October 1, 2002. The Code ofconduct for prevention of Insider Trading is amended from time to time reflecting the changes brought in by SEBI in the InsiderTrading Regulations. The Code is applicable to all Directors and such Designated Employees who are expected to have accessto unpublished price sensitive information relating to the Company. The Company Secretary has been appointed as theCompliance Officer for monitoring adherence to the said Regulations.

10. DISCLOSURES :a. Disclosure on materially significant related party transactions that may have potential conflict with the interests of the

Company at large.There are no materially significant related party transactions made by the Company with its Promoters, Directors orManagement, their subsidiaries or relatives etc., that may have potential conflict with the interests of the Company at large.Transactions with related parties as per requirements of Accounting Standard (AS-18) – ‘Related Party Disclosures’ aredisclosed in Note No. 17 of Schedule 16 to the Accounts in the Annual Report.

b. Disclosure of Accounting TreatmentIn the preparation of the financial statements, the Company has followed the Accounting Standards referred to inSection 211(3) (c) of the Companies Act, 1956. The significant accounting policies which are consistently applied are setout in the Annexure-1 to Notes to the Accounts.

c. Risk ManagementBusiness risk evaluation and management is an ongoing process within the Company. During the year under review, adetailed exercise on ‘Risk Assessment and Management’ was carried out covering the entire gamut of business operationsand the Board was informed of the same.

d. Details of non-compliance by the Company, penalties, strictures imposed on the Company by Stock Exchanges or SEBI orany statutory authority, on any matter related to capital markets, during the last three years.The Company has complied with all requirements of the Listing Agreements entered into with the Stock Exchanges as well as theregulations and guidelines of SEBI. Consequently, there were no strictures or penalties imposed by either SEBI or the Stock Exchangesor any statutory authority for non-compliance of any matter related to the capital markets during the last three years.

e. Non-mandatory requirementsAdoption of non-mandatory requirements of Clause 49 of the Listing Agreement is being reviewed by the Board from time-to-time.

11. MEANS OF COMMUNICATION:(i) The Board of Directors of the Company approves and takes on record the quarterly, half yearly and yearly financial results

in the Proforma prescribed by Clause 41 of the Listing Agreement within one month of the close of the respective period.(ii) The approved financial results are forthwith sent to the Listed Stock Exchanges and are published in a national English

newspaper. In addition, the same are published in local language (Marathi) newspaper, within forty-eight hours of approvalthereof. Presently the same are not sent to the shareholders separately.

(iii) The Company’s financial results and official news releases are displayed on the Company’s Website www.raymond.in(iv) Any presentation made to the institutional investors and analysts are also posted on the Company’s website.(v) Management Discussion and Analysis forms part of the Annual Report, which is sent to the shareholders of the Company.

12. GENERAL SHAREHOLDER INFORMATION:Detailed information in this regard is provided in the section ‘Shareholders’ Information’ which forms part of this Annual Report.

13. COMPLIANCE CERTIFICATE OF THE AUDITORS:The Statutory Auditors have certified that the Company has complied with the conditions of Corporate Governance as stipulatedin Clause 49 of the Listing Agreement with the Stock Exchanges and the same is annexed to the Directors’ Report andManagement Discussion and Analysis.The Certificate from the Statutory Auditors will be sent to the Listed Stock Exchanges along with the Annual Reports of the Company.

18

D E C L A R A T I O N S

Compliance with the Code of Business Conduct and Ethics

As provided under Clause 49 of the Listing Agreement with the Stock Exchanges, all Board members and Senior ManagementPersonnel have affirmed compliance with Raymond Limited Code of Business Conduct and Ethics for the year endedMarch 31, 2011.

For Raymond Limited

Gautam Hari SinghaniaChairman and Managing Director

Mumbai: April 21, 2011

CEO / CFO CERTIFICATION

As required by sub clause V of Clause 49 of the Listing Agreement with the Stock Exchanges, we have certified to the Board that forthe financial year ended March 31, 2011, the Company has complied with the requirements of the said sub-clause.

For Raymond Limited For Raymond Limited

Gautam Hari Singhania H. SunderChairman and Managing Director President - Finance &

Chief Financial Officer

Mumbai: April 21, 2011

AUDITORS’ CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE

To the Members of Raymond Limited

We have examined the compliance of conditions of Corporate Governance by Raymond Limited, for the year ended 31st March2011, as stipulated in Clause 49 of the Listing Agreements of the said Company with stock exchanges in India.

The compliance of conditions of Corporate Governance is the responsibility of the Company’s management. Our examination wascarried out in accordance with the Guidance Note on Certification of Corporate Governance (as stipulated in Clause 49 of theListing Agreement), issued by the Institute of Chartered Accountants of India and was limited to procedures and implementationthereof, adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit noran expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company hascomplied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement.

We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectivenesswith which the management has conducted the affairs of the Company.

For Dalal & ShahFirm Registration Number: 102021W

Chartered Accountants

S. VenkateshPartner

Membership Number: F-037942Mumbai: April 21, 2011

19

SHAREHOLDERS’ INFORMATIONRegistered Office : Plot No. 156/H. No.2, Village Zadgaon, Ratnagiri 415 612, Maharashtra

Phone : 95-2352-232514; Fax : 95-2352- 232513; Website : www.raymond.inAnnual General Meeting : Day, Date and Time : Tuesday, June 07, 2011 at 11.00 A.M.

Venue : Registered Office of the Company : Plot No. 156/ H. No. 2, Village Zadgaon,Ratnagiri 415 612, Maharashtra.

Financial Calendar :• Financial reporting for the quarter ending June 30, 2011 – End July 2011• Financial reporting for the half year ending September 30, 2011 – End October 2011• Financial reporting for the quarter ending December 31, 2011 – End January 2012• Financial reporting for the year ending March 31, 2012 – End April 2012Date of Book Closure : May 20, 2011 to June 07, 2011 (both days inclusive), for the purpose of Annual General Meeting and paymentof dividend.

Dividend:The dividend as recommended by the Board of Directors, if declared at the ensuing Annual General Meeting, will be paid at par onor after June 8, 2011 to those members whose names appear on the Company’s Register of Members as holders of equity shares inphysical form on June 07, 2011. In respect of shares held in dematerialised form, the dividend will be paid on the basis of beneficialownership details to be furnished by National Securities Depository Limited and Central Depository Services (India) Limited for thispurpose.

Listing on Stock Exchanges:The Equity Shares of the Company are listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited(NSE). Annual Listing Fees as prescribed have been paid to both the Stock Exchanges for the year 2011 - 2012.Global Depository Receipts are listed on Luxembourg Stock Exchange and Annual Listing Fees as prescribed has been paid to thesaid Stock Exchange for the calendar year 2011.

Stock Code: Bombay Stock Exchange Limited – 500330National Stock Exchange of India Limited – Raymond EQDemat ISIN No. for NSDL and CDSL – INE301A01014

Stock Market Data: The monthly high and low quotations and volume of shares traded on BSE and NSE during the financial yearwere as follows:

MONTH BSE NSE

HIGH (Rs.) LOW (Rs.) VOLUME (Nos.) HIGH (Rs.) LOW (Rs.) VOLUME (Nos.)

April 2010 268.45 235.20 4045439 268.50 235.10 8204899

May 2010 239.70 201.50 1571132 238.85 200.10 2203673

June 2010 236.70 195.00 3296890 236.75 236.75 5235588

July 2010 246.30 222.30 2247302 246.40 220.00 4389655

August 2010 412.00 225.00 29798404 411.70 225.05 62595923

September 2010 424.55 351.00 11945658 424.35 350.60 26718468

October 2010 458.00 363.00 22189650 458.00 367.00 43994387

November 2010 445.00 330.10 4562563 445.00 328.15 11016332

December 2010 416.90 329.20 6800041 417.00 328.10 13683018

January 2011 387.90 305.50 3191188 387.70 303.00 6641065

February 2011 327.00 245.10 4553281 326.80 242.30 9685271

March 2011 336.75 264.10 5561861 336.90 263.80 13343700

BSE NSE

No. of Shares traded 99763409 207711979

Highest Share Price (Rs.) 458.00 458.00

Lowest Share Price (Rs.) 195.00 200.10

Closing share price as on March 31, 2011 (Rs.) 318.70 318.55

Market Capitalisation as on March 31, 2011 (Rs. In lakhs) 195621 195529

20

Stock Performance (Indexed) :The performance of the Company’s shares relative to BSE Sensex is given in the chart below:

Registrar and Share Transfer Agent:LINK INTIME INDIA PRIVATE LIMITEDC-13, Pannalal Silk Mills Compound,L.B.S Marg, Bhandup (West),Mumbai – 400 078.Tel : 022-2596 3838 ; Fax : 022-2594 6969e-mail : mahadevan.iyer@linkintime.co.in ; sujata.poojary@linkintime.co.inE-mail: Exclusive for redressal of Investor Complaints is mumbai@linkintime.co.inTime: 10.00 a. m. to 1.00 p. m. and 2.00 p. m. to 4.00 p. m. (Monday to Friday)

Share Transfer System:The transfer of shares in physical form is processed and completed by Registrar & Transfer Agent within a period of seven days fromthe date of receipt thereof provided all the documents are in order. In case of shares in electronic form, the transfers are processedby NSDL/CDSL through respective Depository Participants. In compliance with the Listing Agreement with the Stock Exchanges, aPractising Company Secretary carries out audit of the System of Transfer and a certificate to that effect is issued.

Distribution of shareholding as on March 31, 2011:

No. of equityshares No. of shareholders % of shareholders No. of shares held % of shareholding

Upto 500 123504 96.92 8682921 14.15

501 to 1000 2383 1.87 1749490 2.85

1001 to 2000 872 0.68 1242680 2.02

2001 to 3000 226 0.18 568065 0.92

3001 to 4000 98 0.08 343482 0.56

4001 to 5000 74 0.06 341487 0.56

5001 to 10000 124 0.10 885010 1.44

10001 and above 150 0.11 47567718 77.50

GRAND TOTAL 127431 100 61380853 100

BSE

SEN

SEX

SHA

RE

PR

ICE

ON

BSE

April 2010 to March 2011

0

2500

5000

7500

10000

12500

15000

17500

20000

22500

BSE Sensex Low BSE Sensex High

Ma

r-11

Feb

-11

Jan

-11

De

c-1

0

No

v-10

Oc

t-10

Sep

-10

Au

g-1

0

Jul-1

0

Jun

-10

Ma

y-10

Ap

r-10

0

100

200

300

400

500

600

700

800

Share Price High Share Price Low

21

Shareholding Pattern as on March 31, 2011:

Category No. of shares Percentage of held shareholding

(A) Shareholding of Promoter and Promoter Group

1 Indian

(a) Individuals/Hindu Undivided Family 787678 1.28

(b) Bodies Corporate 23186190 37.78

Sub Total(A)(1) 23973868 39.06

2 Foreign

Sub Total(A)(2) - -

Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) 23973868 39.06

(B) Public shareholding

1 Institutions

(a) Mutual Funds/UTI 8015194 13.06

(b) Financial Institutions/Banks 21391 0.03

(c) Venture Capital Funds - -

(d) Insurance Companies 9010599 14.68

(e) Foreign Institutional Investors 3321860 5.41

Sub-Total (B)(1) 20369044 33.18

2 Non-institutions

(a) Bodies Corporate 2370548 3.86

(b) Individuals

i Individual shareholders holding nominal share capital up to Rs 1 lakh 12681884 20.66

ii Individual shareholders holding nominal share capital in excess of Rs. 1 lakh 1139654 1.86

(c) Any Other (specify)

Trusts 1343 0.00

Sub-Total (B)(2) 16193429 26.38

Total Public Shareholding (B)= (B)(1)+(B)(2) 36562473 59.57

TOTAL (A)+(B) 60536341 98.62

(C) Shares held by Custodians and against which Depository Receipts have been issued 844512 1.38

GRAND TOTAL (A)+(B)+(C) 61380853 100

Dematerialisation of shares and liquidity:

95.01% of the equity shares of the Company have been dematerialised as on March 31, 2011. The Company has entered intoagreements with both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) wherebyshareholders have an option to dematerialise their shares with either of the Depositories.

Status of Dematerialisation as on March 31, 2011:

PARTICULARS NO. OF SHARES % TO TOTAL CAPITAL NO. OF ACCOUNTS

National Securities Depository Limited 55779298 90.87 62613

Central Depository Services (India) Limited 2539858 4.14 18394

TOTAL DEMATERIALISED 58319156 95.01 81007PHYSICAL 3061697 4.99 46424

GRAND TOTAL 61380853 100 127431

Outstanding GDRs/ Warrants and Convertible Bonds, conversion date and likely impact on equity:Outstanding number of GDRs represent 844512 equity shares (1.38 %) of the total share capital) as on March 31, 2011. Each GDRrepresents 2 underlying equity shares. Since the underlying equity shares represented by GDRs have been allotted in full, theoutstanding GDRs have no impact on the equity of the Company.

22

Unclaimed Dividends:Pursuant to Section 205C of the Companies Act, 1956, dividends that are unpaid/unclaimed for a period of seven years from thedate they became due for payment are required to be transferred by the Company to the Investor Education and Protection Fund(IEPF) administered by the Central Government. Given below are the dates of declaration of dividend and corresponding dateswhen unpaid/unclaimed dividends are due for transfer to IEPF:

Financial Year Date of declaration of Dividend Due date for transfer to IEPF2003-2004 June 30, 2004 August 6, 2011

2004-2005 June 16, 2005 July 22, 2012

2005-2006 June 23, 2006 July 29, 2013

2006-2007 June 18, 2007 July 24, 2014

2007-2008 June 18, 2008 July 24, 2015

2008-2009 No Dividend declared —

2009-2010 No Dividend declared —

Members who have so far not encashed their dividend warrants are requested to write to the Company/Registrar and Share TransferAgent to claim the same, to avoid transfer to IEPF. Members are advised that no claims shall lie against the said Fund or theCompany for the amounts of dividend so transferred to the said Fund.During the financial year under review, the Company has transferred Rs.21,97,505/- to Investor Education and Protection Fundtowards Unclaimed Dividend, Fixed Deposits, Interest on Fixed Deposits.

Nomination:Individual shareholders holding shares singly or jointly in physical form can nominate a person in whose name the shares shall betransferable in case of death of the registered shareholder(s). Nomination facility in respect of shares held in electronic form is alsoavailable with the Depository Participants as per the bye-laws and business rules applicable to NSDL and CDSL. Nomination formscan be obtained from the Company’s Registrar and Share Transfer Agent.

Electronic Clearing Service:The Securities and Exchange Board of India (SEBI) has made it mandatory for all companies to use the bank account detailsfurnished by the Depositories for depositing dividends. Dividend will be credited to the Members’ bank account through NECSwherever complete core banking details are available with the Company. In cases where the core banking details are not available,dividend warrants will be issued to the Members with bank details printed thereon as available in the Company’s records. Thisensures that the dividend warrants, even if lost or stolen, cannot be used for any purpose other than for depositing the money in theaccounts specified on the dividend warrants and ensures safety for the investors. The Company complies with the SEBI requirement.

Service of documents through electronic mode :As a part of Green Initiatives, the members who wish to receive the notice/documents through e-mail, may kindly intimate theire-mail address to the Company’s Registrar and Share Transfer Agent, Link Intime India Pvt. Limited to their dedicated e-mail IDi.e., ‘‘raymond@linkintime.co.in’’.

Plant Locations:The Company has the following manufacturing and operating Divisions :

Textile Division :Chhindwara B 1, A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar, Tehsil Sauser, Dist. Chhindwara, Madhya

Pradesh - 480 001;Jalgaon No. E/1, MIDC Area, Phase II, Ajanta Road, Jalgaon, Maharashtra - 425 003;Vapi N. H. No.8, Khadki - Udwada, Taluka Pardi, District Valsad, Gujarat - 396 185;Suit Plant :Bangalore No.4/2A, 2B, 5/3A, 3B, Gundapura, Gowribidanur, Taluk Chikkaballapura, Bangalore, Karnataka – 561 208.Aviation Division : Old Apparel Building, First Floor, Jekegram, Pokhran Road No. 1, Thane (West) - 400 606.

Address for Correspondence:

PHYSICAL SHARES DEMAT SHARES DEBENTURES AND FIXED DEPOSITS

LINK INTIME INDIA PRIVATE LIMITED Respective Depository Raymond Limited, Share Department,C-13, Pannalal Silk Mills Compound, Participants of the shareholders Pokhran Road No.1, Jekegram,L.B.S Marg, Bhandup (West), Mumbai – 400 078 Thane (W) - 400 606.Tel : 022-25963838, Fax : 022-25946969 Phone : 022-6152 8687/8619e-mail : mahadevan.iyer@linkintime.co.in Fax : 022-2538 2912, 022-25412805

sujata.poojary@linkintime.co.in e-mail : bhaskar.acharya@raymond.in

RECONCILIATION OF SHARE CAPITAL AND AUDIT REPORT:As stipulated by SEBI, a qualified Practising Company Secretary carries out Secretarial Audit to reconcile the total admitted capitalwith National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and the total issued andlisted capital. This audit is carried out every quarter and the report thereon is submitted to the Listed Stock Exchanges. The auditconfirms that the total Listed and Paid-up Capital is in agreement with the aggregate of the total number of shares in dematerialisedform (held with NSDL and CDSL) and total number of shares in physical form.

23

AUDITORS’ REPORT TO THE MEMBERS OF RAYMOND LIMITED

1. We have audited the attached Balance Sheet of Raymond Limited (the “Company”) as at 31st March, 2011, and the relatedProfit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto, which we have signedunder reference to this report. These financial statements are the responsibility of the Company’s Management. Our responsibilityis to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require thatwe plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significant estimates made by Management, aswell as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for ouropinion.

3. As required by the Companies (Auditor’s Report) Order, 2003, as amended by the Companies (Auditor’s Report) (Amendment)Order, 2004 (together the “Order”), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of ‘TheCompanies Act, 1956’ of India (the ‘Act’) and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us, we give in the Annexure a statementon the matters specified in paragraphs 4 and 5 of the Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

(a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary forthe purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from ourexamination of those books;

(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with thebooks of account;

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply withthe accounting standards referred to in sub-section (3C) of Section 211 of the Act;

(e) On the basis of written representations received from the directors, as on 31st March, 2011 and taken on record by theBoard of Directors, none of the directors is disqualified as on 31st March, 2011 from being appointed as a director in termsof clause (g) of sub-section (1) of Section 274 of the Act;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said financialstatements together with the notes thereon and attached thereto give, in the prescribed manner, the information requiredby the Act, and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

(ii) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and

(iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

For Dalal & ShahFirm Registration Number: 102021W

Chartered Accountants

S. VenkateshPartner

Mumbai Membership Number: F-03794221st April, 2011

24

ANNEXURE TO AUDITORS’ REPORTReferred to in paragraph 3 of the Auditors’ Report of even date to the members of Raymond Limited on the financial statements forthe year ended 31st March, 2011

1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all theitems over a period, which in our opinion, is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during theyear and no material discrepancies between the book records and the physical inventory have been noticed.

(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has notbeen disposed of by the Company during the year.

2. (a) The inventory (excluding stocks with third parties) has been physically verified by the Management during the year. Inrespect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequencyof verification is reasonable.

(b) In our opinion, the procedures of physical verification of inventory followed by the Management are reasonable andadequate in relation to the size of the Company and the nature of its business.

(c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records ofinventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

3. (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the registermaintained under Section 301 of the Act.

(b) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the registermaintained under Section 301 of the Act.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control systemcommensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for thesale of goods and services.

Further, on the basis of our examination of the books and records of the Company, and according to the information andexplanations given to us, we have neither come across nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control system.

5. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangementsreferred to in Section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of suchcontracts or arrangements and exceeding the value of Rupees Five Lakhs in respect of any party during the year havebeen made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and therules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.

8. We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to theRules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) ofsub-section (1) of Section 209 of the Act, and are of the opinion that prima facie, the prescribed accounts and records havebeen made and maintained. We have not, however, made a detailed examination of the records with a view to determinewhether they are accurate or complete.

9. (a) According to the information and explanations given to us and the records of the Company examined by us, in ouropinion, the Company is regular in depositing the undisputed statutory dues including provident fund, investor educationand protection fund, employees’ state insurance, income-tax, sales-tax, wealth tax, service tax, customs duty, excise duty,cess and other material statutory dues as applicable with the appropriate authorities..

(b) According to the information and explanations given to us and the records of the Company examined by us, the particularsof dues of income-tax, sales-tax, wealth-tax, service-tax, customs duty, excise duty and cess as at 31st March, 2011 whichhave not been deposited on account of a dispute, are as follows:

Nature of dues Amount Period to which Forum where the(Rs. in lacs) the amount relates dispute is pending

Central Sales Tax and Local Sales 18.23 1990-91 and 1997 to 2001 High Court

Tax (including Value Added Tax, 18.76 1999-2000 Appellate TribunalEntry Tax, etc)

387.45 1986-87, 1994 to 1997, Departmental Authorities1999-2000, 2004-2007

Excise Duty 849.23 1998 and 2004 to 2009 Appellate Tribunal7.18 1997 to 2000, 2003 and 2010 Departmental Authorities

Cess on Royalty Amount not 1982 to 2001 High Courtascertainable

25

10. The Company has no accumulated losses as at 31st March, 2011. The Company has, however, incurred cash losses during thecurrent financial year, but not in the immediately preceding financial year.

11. According to the records of the Company examined by us and the information and explanations given to us, the Company hasnot defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures andother securities.

13. In our opinion, the Company has maintained proper records of transactions and contracts relating to dealing in shares, securities,debentures and other investments during the year and timely entries have been made therein. Further, such securities havebeen held by the Company in its own name or are in the process of transfer in its name, except to the extent of the exemptiongranted under Section 49 of the Act.

14. In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees givenby the Company, for loans taken by others from banks or financial institutions during the year, are not prejudicial to the interestof the Company.

15. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have beenapplied for the purposes for which they were obtained.

16. On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the informationand explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment.

17. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintainedunder Section 301 of the Act during the year.

18. On the basis of the records and documents examined by us, the Company has, during the year, issued short term privatelyplaced secured debentures with daily put/call option, aggregating Rs. 43,500 lacs, which have been repaid prior to thecreation of any security in favour of the debentures holders.

19. The Company has not raised any money by public issue during the year.

20. During the course of our examination of the books and records of the Company, carried out in accordance with the generallyaccepted auditing practices in India, and according to the information and explanations given to us, we have neither comeacross any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of suchcase by the Management.

21. The other clauses, (iii)(b), (iii)(c), (iii)(d), (iii)(f), (iii)(g) and (xiii) of paragraph 4 of the Companies (Auditor’s Report) Order 2003, asamended by the Companies (Auditor’s Report) (Amendment) Order, 2004,are not applicable in the case of the Company forthe year, since in our opinion there is no matter which arises to be reported in the aforesaid Order.

For Dalal & ShahFirm Registration Number: 102021W

Chartered Accountants

S. VenkateshPartner

Mumbai Membership Number: F-03794221st April, 2011

26

BALANCE SHEET AS AT 31ST MARCH, 2011

Schedule 31st March, 2011 31st March, 2010No. (Rs. in lacs) (Rs. in lacs)

SOURCES OF FUNDS:Shareholders’ Funds:

Share Capital 1 6138.08 6138.08Reserves and Surplus 2 100420.41 111152.99

106558.49 117291.07

Loan Funds: 3Secured Loans 84871.46 75695.61Unsecured Loans 40853.80 49575.24

125725.26 125270.85

Deferred Tax Liability (Net)(Refer Note 16 ) — 2105.03

TOTAL 232283.75 244666.95

APPLICATION OF FUNDS:Fixed Assets: 4

Gross Block 172660.40 171339.35Less: Depreciation and Amortisation 86886.62 77297.50

85773.78 94041.85

Capital work-in-progress 10198.03 4164.28

95971.81 98206.13

Investments 5 74012.57 89178.56

Deferred Tax Asset (Net) 2783.27 —(Refer Note 16 )Current Assets, Loans and Advances: 6

Inventories 41309.10 28450.38Sundry Debtors 32045.85 29694.35Cash and Bank Balances 3175.01 2656.16Other Current Assets 4170.92 4332.30Loans and Advances 27350.70 27877.63

108051.58 93010.82Less:

Current Liabilities and Provisions: 7Current Liabilities 44201.11 30417.14Provisions 4334.37 5311.42

48535.48 35728.56

Net Current Assets 59516.10 57282.26

TOTAL 232283.75 244666.95

Notes forming part of the Accounts 16

As per our Report of even date

For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIAFirm Registration Number 102021W President - Finance & Chairman and Managing DirectorChartered Accountants Chief Financial Officer

S. Venkatesh THOMAS FERNANDES P. K. BHANDARIPartner Director-Secretarial & DirectorMembership No. F-037942 Company Secretary

Mumbai, 21st April , 2011 Mumbai, 21st April , 2011

27

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2011Year ended Year ended

Schedule 31st March, 2011 31st March, 2010No. (Rs. in lacs) (Rs. in lacs)

INCOMESales, Services and Export Incentives 8 149653.25 133936.91Less:Excise Duties (6.59) (439.50)

149646.66 133497.41Other Income 9 7623.31 8486.34

157269.97 141983.75

EXPENDITUREMaterial Costs 10 48190.41 39125.88Manufacturing and Operating Costs 11 28579.97 24649.24(Increase)/Decrease in finished and process stock 12 (8137.39) 5545.62Employment Costs 13 25127.82 25453.53Administrative, Selling and General expenses 14 32761.12 27078.34Finance Charges 15 10169.93 9803.10Loss/(Gain) on Variation In ForeignExchange Rates (Net) 203.51 (897.36)Depreciation and Amortisation 10372.36 11130.65

147267.73 141889.00Finished and process stock transferred ondivestment of Business — (1793.07)

147267.73 140095.93

PROFIT FOR THE YEAR BEFORE EXCEPTIONAL ITEMS: 10002.24 1887.82EXCEPTIONAL ITEMS (Refer Note 15 )— Surplus on divestment of Files and Tools business — 4450.82— Others (25267.61) (4334.30)

PROFIT/(LOSS) FOR THE YEAR BEFORE TAX (15265.37) 2004.34Provision for Income Tax :— Current Tax — 250.00

Less: MAT Credit — (250.00)— Deferred Tax credit (4888.30) (732.17)

Provision for Wealth Tax 110.00 100.00

PROFIT/(LOSS) FOR THE YEAR AFTER TAX (10487.07) 2636.51Prior period adjustments (Net) (Refer Note 14 ) (38.30) (130.76)Tax in respect of earlier years (Net) 506.18 —Add : Withdrawn from General Reserve 2707.42 —Balance brought forward 8025.16 5519.41

713.39 8025.16

APPROPRIATION:Proposed Dividend 613.81 —Tax on Proposed dividend 99.58 —

BALANCE CARRIED TO BALANCE SHEET — 8025.16

Weighted average number of Equity Shares outstandingduring the year 61380853 61380853

Basic and diluted earnings per share, includingexceptional items (in Rs.) (16.32) 4.08

Basic and diluted earnings per share, excluding exceptionalitems (net of tax) (in Rs.) 12.24 2.74

Notes forming part of the Accounts 16

As per our Report of even date

For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIAFirm Registration Number 102021W President - Finance & Chairman and Managing DirectorChartered Accountants Chief Financial Officer

S. Venkatesh THOMAS FERNANDES P. K. BHANDARIPartner Director-Secretarial & DirectorMembership No. F-037942 Company Secretary

Mumbai, 21st April , 2011 Mumbai, 21st April , 2011

28

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2011Year Ended Year Ended

31st March, 2011 31st March, 2010(Rs. in lacs) (Rs. in lacs)

A. Cash Flow arising from Operating Activities:Net Profit before Tax and Exceptional Items as perProfit and Loss Account 10002.24 1887.82Add/(Deduct):a) Bad Debts, Advances and Claims written off 30.03 31.19b) Provision no longer required (339.48) (1720.30)c) Credit balance appropriated (67.21) (16.58)d) Provision for Diminution in value of Investments 64.72 —e) Depreciation and Amortisation Charge 10372.36 11130.65f) Finance Charges and Gain/Loss on variation in

Foreign Exchange rates 10469.22 6791.70g) (Profit)/Loss on sale of Assets ( Net) (130.43) 140.92h) Interest Income (3111.10) (2836.46)i) Dividend Income (1490.30) (160.46)j) Surplus on sale of Investments (1017.39) (1795.36)

14780.42 11565.30

Operating Cash Profit before Working Capital Changes 24782.66 13453.12Add/(Deduct):a) Increase /(Decrease) in Trade Payable 4737.54 119.87b) Decrease/ (Increase) in Trade and Other Receivables (415.35) (4715.12)c) Decrease/(Increase) in Inventories (12858.72) 2749.79

(8536.53) (1845.46)

Cash Flow from Operations 16246.13 11607.66Add :Direct Taxes (Net) (1210.83) (865.76)

Cash Flow before Prior Period Adjustments 15035.30 10741.90Add/(Deduct) : Prior Period adjustments (38.35) (133.38)

Net Cash Inflow in the course of Operating Activities 14996.95 10608.52Deduct: Voluntary Retirement Compensation and other termination costs 15837.37 3094.85

Net Cash Inflow/(Outflow) in the course of OperatingActivities after Exceptional Items (840.42) 7513.67

B. Cash Flow arising from Investing Activities:Inflow:a) Sale of Fixed Assets 376.57 130.98b) Interest Received 2906.30 2633.41c) Dividend Received 1490.30 160.46d) Sale of Long Term Investments 445.10 10503.98e) Sale of Current Investments (Net) 19953.93 —

25172.20 13428.83

Outflow:a) Acquisition of Fixed Assets 8384.13 4765.82b) Investment in Subsidiaries/Joint Ventures 1841.88 620.86c) Investment in other Long Term Investments 3407.50 1008.39d) Purchase of Current Investments (Net) — 4644.06

13633.51 11039.13

Net Cash Inflow / (Outflow) in the course of Investing Activities 11538.69 2389.70

C. Cash Flow arising from Financing Activities:Inflow:a) Proceeds from Term Loans 16787.00 16344.56b) Proceeds from other Borrowings (Net) 4774.45 —

21561.45 16344.56Outflow:a) Repayment of Term Loans 21107.04 13750.56b) Proceeds from other Borrowings (Net) — 7750.37c) Finance Charges (Net) 10633.83 6770.78

31740.87 28271.71

Net Cash Inflow/(Outflow) in the course of Financing Activities (10179.42) (11927.15)

Net Increase/(Decrease) in Cash/Cash Equivalents (A+B+C) 518.85 (2023.78)Add: Balance at the beginning of the year 2656.16 4679.94Cash and Cash Equivalents at the close of the year 3175.01 2656.16

As per our Report of even date

For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIAFirm Registration Number 102021W President - Finance & Chairman and Managing DirectorChartered Accountants Chief Financial Officer

S. Venkatesh THOMAS FERNANDES P. K. BHANDARIPartner Director-Secretarial & DirectorMembership No. F-037942 Company Secretary

Mumbai, 21st April , 2011 Mumbai, 21st April , 2011

29

SCHEDULES ‘1’ TO ‘16’ ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AS AT AND THE PROFIT ANDLOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2011.

31st March, 2011 31st March, 2010(Rs. in lacs) (Rs. in lacs)

SCHEDULE 1 - SHARE CAPITALAuthorised:

10,00,00,000 Equity Shares of Rs.10 each 10000.00 10000.00

10000.00 10000.00

Issued and Subscribed :* 6,13,80,853 Equity Shares of Rs.10 each, fully paid-up 6138.08 6138.08

Per Balance Sheet 6138.08 6138.08

3,50,000 Equity Shares were allotted as fully paid-up pursuant tocontracts without payments being received in cash and 4,25,28,312Equity Shares were allotted as fully paid-up Bonus Shares by way ofcapitalisation of Securities Premium Account and Reserves.

* includes 8,44,512 Equity Shares represented by GlobalDepository Receipts

SCHEDULE 2 - RESERVES AND SURPLUS

(a) Securities Premium Account:Balance as per last account 14778.55 14778.55

(b) Capital Redemption Reserve:Balance as per last account 1371.01 1371.01

(c) Capital Reserve:Balance as per last account 2111.95 25.00Add: Share warrants forfeited — 2086.95

2111.95 2111.95(d) General Reserve:

Balance as per last account 84866.32 84866.32Less : Transferred to Profit and Loss Account (2707.42) 82158.90 — 84866.32

(e) Profit and Loss Account — 8025.16

Total Reserves and Surplus - Per Balance Sheet 100420.41 111152.99

30

SCHEDULE 3 - LOAN FUNDS 31st March, 2011 31st March, 2010(Rs. in lacs) (Rs. in lacs)

(a) Secured Loans:Term Loans from Banks [Refer Note 1(a)(i) and 1(a)(ii)] 52946.43 57669.27Term Loan from a Bank (Partly Secured) [Refer Note 1(a)(iii)] 15000.00 15000.00

Short Term Borrowings from Bank:Under Buyer’s Credit Arrangements [Refer Note 1(b)] 1106.11 1888.61

Working Capital Loans from Banks (including foreigncurrency loan from banks Rs.2009.25 lacs;Previous year Rs. 1.16 lacs) [Refer Note 1(b)] 15818.92 1137.73

Total - Secured Loans 84871.46 75695.61

(b) Unsecured Loans:

Foreign Currency Loans from Banks 8353.80 22951.00

Long Term Borrowings from a Bank 30000.00 15000.00

Short Term Borrowings from Banks:Under Buyer’s Credit Arrangements — 1624.24Others — — 2500.00 4124.24

By issue of Commercial Papers (Maximum balanceduring the year Rs.32000 lacs; Previous year Rs.20000 lacs) 2500.00 7500.00

Total - Unsecured Loans 40853.80 49575.24

Total Loan Funds - Per Balance Sheet 125725.26 125270.85

SCHEDULE 4 - FIXED ASSETS(Refer Note 2) (Rs. in lacs)

GROSS BLOCK - AT COST DEPRECIATION / AMORTISATION NET BLOCK(unless otherwise specified)

Balance Additions/ Deduct- Balance Upto For the Deduct- Upto As at As atas at Adjust- tions/Ad- as at 31-Mar-10 year tions/Ad- 31-Mar-11 31-Mar-11 31-Mar-10

01-Apr-10 ments justments 31-Mar-11 justments

A. AssetsLand -Freehold 2599.49 — — 2599.49 — — — — 2599.49 2599.49

Leasehold 212.10 — — 212.10 17.73 2.23 — 19.96 192.14 194.37Buildings* 22482.12 37.84 — 22519.96 6047.16 792.89 — 6840.05 15679.91 16434.96Plant and Machinery,

Electrical Installations andEquipments* 120133.16 1537.40 145.51 121525.05 59557.98 7826.87 76.95 67307.90 54217.15 60575.18

Furniture, Fixtures andOffice Equipment 5075.86 560.00 209.37 5426.49 3272.60 367.31 160.93 3478.98 1947.51 1803.26

Livestock (at book value) 6.60 — 2.83 3.77 — — — — 3.77 6.60Vehicles 1859.99 215.14 369.76 1705.37 1302.86 177.02 304.26 1175.62 529.75 557.13Aircraft 9853.00 — 301.86 9551.14 2441.93 551.20 241.10 2752.03 6799.11 7411.07

Boats and Water Equipments 7328.72 — — 7328.72 2868.93 654.84 — 3523.77 3804.95 4459.79Software 1788.31 — — 1788.31 1788.31 — — 1788.31 — —Per Balance Sheet 171339.35 2350.38 1029.33 172660.40 77297.50 10372.36 @783.24 86886.62 85773.78 94041.85Previous year’s Total 170064.13 6814.85 5539.63 171339.35 70159.58 11130.65 @3992.73 77297.50 94041.85 —* includes assets retired fromactive use. 11972.67 — — 11614.63 10714.04 — — 10413.37 1201.26 1258.63

@ Net after adjustments on account of Excess provision for depreciation/amortisation Rs.0.05 lacs relating to earlier years(Previous year Rs. 2.62 lacs).

B. Capital work-in-progress 10198.03 4164.28

31

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) 31st March, 2011 31st March, 2010(fully paid up unless otherwise specified) Nos. (Rs. in lacs) Nos. (Rs. in lacs)

I. LONG TERM INVESTMENTSA Investments in Government Securities : 0.06 0.06

National Saving Certificates (deposited withGovernment Department as Security )

0.06 0.06

B Investments in Shares of Subsidiary Companies(Unquoted):1. Raymond Apparel Limited

[Formerly known as Solitaire Fashions Limited]- Equity Shares of Rs.10 each 2000000 191.51 2000000 191.51-6% Cumulative Redeemable Preference Shares of Rs.100 each 3430000 3430.00 3430000 3430.00

2. Raymond (Europe) Limited (Equity Shares of £.1 each) 1,000 0.03 1,000 0.033. Jaykayorg AG (Equity Shares of Swiss Francs 100 each) 500 0.98 500 0.984. Pashmina Holdings Limited (Equity Shares of Rs.10 each) 740000 724.00 740000 724.005. Everblue Apparel Limited [ Refer Note 3A(a)]

- Equity Shares of Rs.10 each 5000000 500.00 5000000 500.006% Optionally Convertible Preference Shares of Rs 100 each 1000000 1000.00 1000000 1000.00

6. Regency Texteis Portuguesa, Limitada:- Equity Shares — 1148.91- Preference Shares — 355.24

— 1504.15Less:Provision for diminution in value of Investments — (1504.15)

— —7. Colorplus Fashions Limited

- 0.01% Non Cumulative Preference Shares of Rs.100 each — — 398000 398.008. Silver Spark Apparel Limited:

- Equity Shares of Rs.10 each 7000000 700.00 7000000 700.00-7% Non Cumulative Preference Shares of Rs.100 each 1000000 1000.00 1000000 1000.00

9. Celebrations Apparel Limited (Equity Shares of Rs.10 each) 2710000 271.00 2710000 271.0010. Scissors Engineering Products Limited:

- Equity Shares of Rs.10 each 7230730 723.07 6907450 690.75- 6% Cumulative Optionally Convertible Preference Sharesof Rs.100 each 2127737 2127.74 2052305 2052.31

11. Raymond Europe SRL — 41.58Less:Provision for diminution in value of Investments — (41.58)

12. Raymond Woollen Outerwear Limited (Equity Shares of Rs.10 each)[ Refer Note 3A(b)] 9690000 969.00 9690000 969.00Less:Provision for diminution in value of Investments (969.00) —

13. J K Files (India) Limited- Equity Shares of Rs.10 each 8740658 1222.01 8740658 1222.01- 6% Cumulative Redeemable Preference Shares of Rs.100 each 2200000 2200.00 2200000 2200.00

14090.34 15349.59

C. Investments in Joint Ventures *(unquoted)1. Raymond Zambaiti Limited ( Equity Shares of Rs.10 each ) 41000000 4100.00 41000000 4100.002. Raymond UCO Denim Private Limited (Refer Note 3B(a))

- Equity Shares of Rs.10 each 12167179 18220.79 10644250 16088.69- 0.1% Preference Shares of Rs.10 each 10000000 8700.00 10000000 8700.00

26920.79 24788.69Less:Provision for diminution in value of Investments (16400.00) (16400.00)

10520.79 8388.69

14620.79 12488.69

* The Company has agreed with the lenders (Banks) of some of these Companies for not disposing off these investments withouttheir prior consent

32

31st March, 2011 31st March, 2010Nos. (Rs. in lacs) Nos. (Rs. in lacs)

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...(fully paid up unless otherwise specified)

D. Non-Trade Investments:Shares (Unquoted):1. Gujarat Sheep & Wool Development Corporation Limited

(Equity Shares of Rs.100 each) 102 0.10 102 0.10Less:Provision for diminution in value of Investments (0.10) (0.10)

2. P.T. Jaykay Files Indonesia - Associate Company(Equity Shares of Indon.Rp.4,150 = US$ 10 each) 24000 23.99 24000 23.99

3. Bengal & Assam Company Limited (Equity Shares of Rs.100 each) 1150 1.00 1150 1.00Less:Provision for diminution in value of Investments (1.00) (1.00)

4. Impex (India) Limited (Equity Shares of Rs.10 each) 8000 0.80 8000 0.805. R.R. Investments & Estates Private Limited

(Equity Shares of Rs.100 each) 225 5.19 225 5.196. Seven Seas Transportation Limited

(Equity Shares of Rs.10 each) 205000 27.94 205000 27.94Less:Provision for diminution in value of Investments (27.94) (27.94)

7. J.K. Cotton Spg. & Wvg. Mills Company Limited(Equity Shares of Rs.10 each) 10510 2.49 10510 2.49Less:Provision for diminution in value of Investments (2.49) (2.49)

8. Radha Krshna Films Limited - Associate Company(Equity Shares of Rs.10 each) 2500000 250.00 2500000 250.00Less:Provision for diminution in value of Investments (250.00) (250.00)

9. J.K. Investo Trade (India) Limited - Associate Company(Equity Shares of Rs.10 each) 3489878 326.12 3489878 326.12

356.10 356.10

E. Non-Trade Investments:Bonds/Debentures (Quoted):1 7.90% Rural Electrification Coporation Limited of Rs.1000000 each 100 1014.96 —2 7.70% Hindustan Petroleum Corporation Limited of Rs.1000000 each 50 505.05 —3 9.50% NABARD of Rs.1000000 each 50 525.07 —4 7.50% LIC Housing Finance Limited of Rs.1000000 each 40 400.00 —5 11.15% Power Finance Corporation Limited of Rs.1000000 each 50 517.50 —6 7.00% Power Finance Corporation Limited of Rs.1000000 each 50 495.32 —

Less : Premium Amortisation (57.91) —

3400.00 —

F. Non-Trade Investments:Unquoted Debentures:1. R.R. Investments & Estates Private Limited

(Unsecured Debentures of Rs.10,000 each)[Residual value after redemption Rs.7,800 each(Net of redemption Rs.0.06 lac and proportionate acquisitioncost written off Rs.1.56 lacs)] 19 42.19 19 42.19

2. Raymond Apparel Limited (a subsidiary) ( Fully ConvertibleUnsecured Debentures of Rs.100 each ) 2850000 2850.00 2850000 2850.00

3 Raymond UCO Denim Private Limited (a Joint Venture)( Non- Convertible Unsecured Debentures of Rs.100 eachbearing interest linked to one year Government Security withannual reset) 3569450 3569.46 3344450 3344.46Less:Provision for diminution in value of Investments (2948.60) (2948.60)

620.86 395.86

3513.05 3288.05

G. Investments in Venture Capital Funds1 India Growth Fund ( Units of Rs.1000 each, Paid up value per

Unit of Rs.965 each, Previous year Rs.950 each) 45698 440.99 50000 475.002 HDFC India Real Estate Fund (Units of Rs.1000 each) 221369 2213.69 248169 2481.69

2654.68 2956.69

Total - Long Term Investments 38635.02 34439.17

33

31st March, 2011 31st March, 2010Nos. (Rs. in lacs) Nos. (Rs. in lacs)

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...(fully paid up unless otherwise specified)

II. CURRENT INVESTMENTSA. Dividend Option (Units of Rs.10 each, unless otherwise specified):1 BNP Paribas Overnight Fund - Institutional Daily Dividend

(NAV Rs.1698.75 lacs) 16982394.16 1,698.75 —2 Templeton India Ultra Short Bond Fund Super Institutional

Plan - Daily Dividend Reinvestment (NAV Rs. 3405.68 lacs) 34017334.77 3,405.68 —3. HDFC Cash Management Treasury Advantage Plan-

Weekly Dividend (NAV Rs.320.57 Lacs,Previous yearRs.266.75 lacs) 3196496.00 320.54 2660701.82 267.10

4. Religare Liquid Fund - Super Institutional Daily Dividend(NAV Rs. 3401.44 lacs) (Units of Rs. 1000 each) 339877.12 3,401.44 —

5. Canara Robeco Treasury Advantage Super InstitutionalDaily Dividend Reinvest Fund (NAV Rs. 3402.28 lacs) 27422040.70 3,402.28 —

6. TATA Fixed Income Portfolio Fund Scheme B3Institutional Quarterly (NAV Rs. 1997.98 lacs) 19973844.64 1,997.38 —

7. UTI Fixed Income Interval Fund Series II - QuarterlyInterval Plan VII - Institutional Dividend Plan-Reinvestment(NAV Rs. 1563.06 lacs) 15616545.94 1,561.81 —

8. TATA Floater Fund - Daily Dividend (NAV Rs. 1501.21 lacs) 14958833.63 1,501.21 —9. BSL Quarterly Interval - Series 4 - Dividend - Reinvestment

(NAV Rs. 1482.23 lacs) 14793780.53 1,479.38 —10. Kotak Quarterly Interval Plan Series 9 - Dividend

(NAV Rs. 1503.08 lacs) 14998810.44 1,500.00 —11. HDFC Cash Management Fund - Treasury Advantage Plan -

Retail-Weekly Dividend Option ( NAV Rs. 224.38 Lacs,Previous year Rs 282.21 Lacs) 2237420.51 224.28 2814859.34 282.15

12. ICICI Prudential Interval Fund II Quarterly IntervalPlan B Institutional Dividend (NAV Rs. 504.64 lacs) 5039150.00 503.92

13. TATA Fixed Maturity Plan Series 28 Scheme B - Dividend(NAV Rs. 1009.34 lacs) 10001676.00 1000.17

14. Religare Fixed Maturity Plan - Series V - Plan F(91 Days) -Dividend Plan (NAV Rs. 501.91 lacs) 5000874.00 500.09

15. Kotak Floater Short Term - Daily Dividend(NAV Rs. 3000.64 lacs) 29661769.41 3000.64

16. Sundaram Ultra ST Fund Super Institutional DivdendReinvestment Daily (NAV Rs. 3337.04 lacs) 33247372.33 3337.04

17. Reliance Fixed Horizon Fund XVIII - Series 5 -Dividend Plan (NAV Rs. 1503.63 lacs) 15000000.00 1500.00

30334.61 549.25B. Growth Option (Units of Rs.10 each, unless otherwise specified):1. Morgan Stanley Growth Fund ( NAV Previous year Rs. 59.02 lacs ) — 100000.00 63.472. Kotak Floater Long Term - Growth ( NAV Rs.638.68 Lacs,

Previous year Rs.674.61 Lacs ) 4097756.23 603.59 4616668.99 642.383. Reliance Medium Term Fund - Retail Plan - Growth Plan -

Growth Option (NAV Previous year Rs. 3982.24 Lacs) — 20868977.22 3980.824. Birla Sun Life Savings Fund Institutional - Growth

(NAV Previous year Rs. 4034.06 Lacs) — 23077221.07 4030.585. Fortis Money Plus Institutional - Growth

(NAV Previous year Rs. 4003.51 Lacs) — 28817333.25 4000.486. Kotak Floater Long Term - Growth ( NAV Previous year

Rs. 4003.29 Lacs) — 27396551.87 4000.477. Templeton India Ultra short Bond Fund Super Institutional Plan -

Growth (NAV Previous year Rs. 4004.18 Lacs) — 33797424.77 4000.438. UTI Treasury Advantage Fund - Institutional Plan - Growth Option

(NAV Previous year Rs. 425.13 Lacs) ( Units of Rs. 1000 each ) — 34370.76 425.059. JM Money Manager Fund Super Plus Plan - Growth (172)

(NAV Previous year of Rs. 4003.33 Lacs) — 30831874.55 4000.5310. UTI Floating Rate Fund - Short Term Plan - Institutional Growth Option

(NAV Previous year Rs. 2336.86 Lacs) (Units of Rs. 1000 each) — 225849.58 2335.3111. IDFC Money Manager Fund - Treasury Plan - Super Institutional

Plan C - Growth (NAV Previous year Rs. 4003.54 Lacs) — 36667856.33 4000.54

C/F 603.59 31480.06

34

31st March, 2011 31st March, 2010Nos. (Rs. in lacs) Nos. (Rs. in lacs)

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...(fully paid up unless otherwise specified)

B/F 603.59 31480.06

C/F 2136.83 2453.27

12. LICMF Income Plus Fund - Growth Plan(NAV Previous year Rs. 4004.14 Lacs) — 32385463.56 4000.28

13. UTI Fixed Income Interval Fund - Monthly Interval Plan Series-IInstitutional Growth Plan (NAV Previous year Rs. 1501.37 Lacs) — 12475257.41 1500.00

14. Kotak Quarterly Interval Plan Series 1 - Growth( NAV Previous year Rs.1001.83 Lacs ) — 8316838.27 1000.00

15. ICICI Prudential Ultra Short Term Plan Super Premium -Growth ( NAV Previous year Rs.4003.89 Lacs ) — 38747469.12 4000.48

16. SBI-SHF Ultra Short Term Fund - Institutional Plan - Growth( NAV Previous year Rs. 1000.45 Lacs ) — 8340590.50 1000.15

17. Reliance Monthly Interval Fund - Series II - InstitutionalGrowth Plan ( NAV Previous year Rs. 2000.68 Lacs ) — 16105004.63 2000.00

18. BSL Interval Income Fund - Institutional - Quarterly - Series 1 -Growth ( NAV Previous year Rs. 502.86 Lacs ) — 5000000.00 500.00

19. HDFC Floating Rate Income Fund - Short Term Plan -Wholesale Option - Growth (NAV Previous year Rs.2728.72 Lacs) — 17397140.07 2725.29

20. UTI Money Market Mutual Fund - Institutional Growth Plan(NAV Previous year Rs. 1665.24 Lacs ) ( Units of Rs.1000 each ) — 161454.64 1665.00

21. HDFC Cash Management Savings Plan - Growth(NAV Previous year Rs.535.07 Lacs) — 2779957.29 535.00

603.59 50406.26

C. Equity Shares (Quoted)(Shares of Rs.10 each, unless otherwise specified):1. Oil & Natural Gas Corporation Limited (Equity Shares of Rs.5 each) 68000 182.77 17000 182.772. ITC Limited ( Equity Shares of Re.1 each ) 98500 90.69 70000 122.923. Tata Motors Limited — 8000 50.054. GAIL India Limited — 10000 41.285. ICICI Bank Limited 15000 122.99 14000 114.626. State Bank of India 8000 129.19 7800 80.587. Grasim Industries Limited 3000 38.88 1500 25.338. Bharat Heavy Electricals Limited 7400 148.55 5000 89.309. Larsen & Toubro Limited (Equity Shares of Rs.2 each) 9480 136.44 8480 117.8610. BGR Energy Systems Limited 10000 50.87 15000 76.3011. Biocon Limited (Equity Shares of Rs.5 each) 10000 20.96 38746 81.2112. Indian Hotels Company Limited (Equity Shares of Re.1 each ) 54000 40.72 54000 40.7213. Mahindra & Mahindra Limited (Equity Shares of Rs.5 each ) 16000 51.92 18600 56.2914. Maruti Suzuki India Limited (Equity Shares of Rs.5 each) 4300 57.38 —15. Tata Power Company Limited 7000 76.73 7000 76.7316. HDFC Limited (Equity Shares of Rs.2 each) 18000 75.60 5550 116.5417. HDFC Bank Limited 6000 75.82 8000 101.0918. Hindustan Petroleum Corporation Limited 15000 55.55 10000 38.9919. Cholamandalam DBS Finance Limited — 81935 113.3620. Cadila Healthcare Limited (Equity Shares of Rs.5 each) — 10000 32.8221. Tata Consultancy Services Limited (Equity Shares of Re.1 each) 13750 86.50 10000 53.5122. Texmaco Limited ( Equity Shares of Re.1 each ) 71980 17.44 86980 50.9123. Transformers & Rectifiers India Limited — 14000 71.5924. Bharti Airtel Limited (Equity Shares of Rs.5 each) 32800 92.24 32800 92.2425. Financial Technologies Limited (Equity Shares of Rs.2 each) — 1800 25.1926. Godrej Industries Limited( Equity Shares of Re.1 each ) 30000 18.85 30000 18.8527. Infrastructure Development Finance Company Limited 60000 83.52 60000 83.5228. Infosys Technologies Limited ( Equity Shares of Rs.5 each ) 4950 93.92 7500 118.5829. National Thermal Power Corporation Limited 20000 41.09 20000 41.0930. Punjab National Bank Limited 5000 28.45 5000 28.4531. Reliance Industries Limited 16300 154.54 10000 91.9132. Reliance Communication Limited (Equity Shares of Rs.5 each) — 15000 43.6633. Suzlon Energy Limited (Equity Shares of Rs.2 each) 100000 95.29 70000 80.5634. Divis Laboratories Limited (Equity Shares of Rs.2 each) 3000 21.74 7400 55.9635. Power Grid Corporation of India Limited 30000 28.19 20000 18.4936. Sun Pharma Advanced Research Company Limited

(Equity Shares of Re.1 each) 30000 20.00 30000 20.00

35

31st March, 2011 31st March, 2010Nos. (Rs. in lacs) Nos. (Rs. in lacs)

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...(fully paid up unless otherwise specified)

B/F 2136.83 2453.27

37. Bajaj Electricals Limited (Equity Shares of Rs.2 each) 10500 24.22 —38. Great Offshore Limited 2142 15.71 2142 15.7139. GMR Infrastructure Limited (Equity Shares of Re.1 each) 120000 83.03 100000 75.1440. Lupin Limited (Equity Shares of Rs.2 each) 20000 48.33 7500 46.2641. Punj Lloyd Limited (Equity Shares of Rs.2 each ) — 20000 49.0042. Glenmark Pharmaceuticals Ltd. (Equity Shares of Re.1 each) 14000 63.78 14000 63.7843. Idea Cellular Limited 20000 22.03 20000 22.0344. Monsanto India Limited 1300 24.82 1300 24.8245. Adani Power Limited 8000 10.40 —46. Shree Renuka Sugars Limited ( Equity Shares of Re.1 each) 80000 53.79 68000 44.5847. Apollo Tyres Limited (Equity Shares of Re. 1 each) 22000 14.57 —48. Aurobindo Pharma Limited (Equity Shares of Re. 1 each) 30000 53.27 5000 45.3249. Axis Bank Limited — 2000 20.3850. Bajaj Auto Limited 6000 49.98 3000 49.9851. Dr. Reddy’s Laboratories Limited (Equity Shares of Rs.5 each ) 5000 47.93 5000 49.4352. Essar Oil Limited 40000 56.03 25000 37.6353. Hindustan Unilever Limited (Equity Shares of Re.1 each) 20000 55.02 20000 55.0254. Jaiprakash Associates Limited (Equity Shares of Rs.2 each) 98000 123.11 45125 60.1155. Mcleod Russel India Limited (Equity Shares of Rs.5 each) — 25000 36.7256. Mundra Port and Special Economic Zone Limited

(Equity Shares of Rs.2 each) 14000 16.33 8950 52.2157. Mid-Day Multimedia Limited — 190173 42.8858. NHPC Limited 50000 11.52 54000 19.9959. Patni Computer Systems Limited (Equity Shares of Rs. 2 each) — 10000 46.9860. Sterlite Industries (India) Limited (Equity Shares of Re. 1 each) 36000 63.53 3000 21.9261. Union Bank of India 10000 26.82 10000 25.3462. Bharat Electronics Limited 3000 52.47 —63. Bharat Petroleum Corporation Limited 10000 54.60 —64. Banswara Syntex Limited 106859 140.62 —65. Crompton Greaves Limited (Equity Shares of Rs.2 each) 20000 50.13 —66. Coal India Limited 20000 61.61 —67. Chambal Fertilizers & Chemicals Limited 42000 34.87 —68. Cummins India Limited (Equity Shares of Rs.2 each) 8000 49.41 —69. E.I.D. Parry India Limited (Equity Shares of Re.1 each) 21000 49.04 —70. Fortis Healthcare Limited 13500 21.48 —71. Gujarat State Ferttilzers & Chemicals Limited 15000 46.93 —72. GVK Power & Infrastructure Limited (Equity Shares of Re.1 each) 70000 25.83 —73. Havell’s India Limited (Equity Shares of Rs.5 each) 10000 36.71 —74. HCL Technologies Limited (Equity Shares of Rs.2 each) 7000 31.96 —75. Motherson Sumi Systems Limited (Equity Shares of Re.1 each) 30000 39.10 —76. MOIL Limited 5000 19.01 —77. Oracle Financial Services Software Limited (Equity Shares of Rs. 5 each) 2500 55.15 —78. Oriental Bank of Commerce 10000 48.63 —79. Pantaloon Retail (India) Limited (Equity Shares of Rs.2 each) 5000 24.78 —80. Rico Auto Industries Limited (Equity Shares of Re.1 each) 237468 60.14 —81. Tata Motors Limited (DVR Shares) 3200 21.79 —82. Texmaco Rail & Engineering Limited (Equity Shares of Re.1 each) 71980 24.69 —83. United Phosphorus Limited (Equity Shares of Rs.2 each) 35000 54.08 —84. United Spirits Limited 3000 42.51 —85. Ultratech Cement Limited 857 21.74 —86. YES Bank Limited 20000 57.17 —

4125.49 3358.50

D. Equity Shares (Unquoted) (Shares of Rs.10 each, unless otherwise specified):1 Ansal Hi-Tech Townships Limited 21187 18.69 21187 18.702 Ananta Landmarks Private Limited 10109 1.01 10109 1.013 Nitesh Estate Private Limited 1438 5.13 1438 5.134 Total Environment Project I Private Limited 769 0.08 769 0.085 VBHDC Bangalore Value Homes Private Limited 307 0.03 307 0.036 BCC Infrastructure Private Limited 290 0.03 290 0.037 VBHC Delhi Value Homes Private Limited 126 0.01 0.008 Kunal Spaces Private Limited 269 0.03 0.009 VBHC Chennai Value Homes Private Limited 134 0.01 0.00

25.02 24.98

36

31st March, 2011 31st March, 2010Nos. (Rs. in lacs) Nos. (Rs. in lacs)

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...(fully paid up unless otherwise specified)

E. Preference Shares (Unquoted) ( Shares of Rs. 1000 each,unless otherwise specified):

1 Ananta Landmarks Private Limited 2400 24.00 2400 24.002 Neo Pharma Private Limited 395 3.95 395 3.953 BCC Infrastructure Private Limited (Shares of Rs.10 each) 871 0.09 871 0.094 Godrej Estate Developers Private Limited 70 12.85 70 12.855 Godrej Sea View Properties Private Limited 699 15.69 318 7.146 Runwal Homes Private Limited 1118 16.07 1118 16.077 Ekta World Private Limited (Shares of Re.1 each) 2595 0.03 —

72.68 64.10

F Unquoted Debentures: ( of Rs. 100 each, unless otherwise specified):1. Ansal Hi-Tech Townships Limited — 37399 37.402. Nilkanth Tech Park Private Limited — 39545 39.553. Atithi Building Commodities Private Limited (Debentures of Rs.1000 each ) 3321 33.21 3321 33.214. Ariisto Realtors Private Limited (Debentures of Rs.1000 each) 4332 43.32 2888 28.885. Total Environment Projects Private Limited 19972 19.96 17775 17.776. Total Environment Building Private Limited 35993 35.99 28882 28.887. Nitesh Housing Developers Private Limited 14239 14.24 14239 14.248. ATS Apartments Private Limited 7002 7.00 7002 7.009. Nitesh Housing Developers Private Limited. Deb.IV 3420 3.42 3420 3.4210. Kanakia Builders Private Limited — 12042 12.0411. Nitesh Land Holding Private Limited 5696 5.70 5696 5.7012. Runwal Homes Private Limited - Class A Debentures 38919 38.92 38919 38.9213. Runwal Homes Private Limited - Class B Debentures 17639 17.64 17639 17.6414. Aristo Realtors Private Limited- III (Debentures of Rs.1000 each) 617 6.17 617 6.1715. Atithi Building Commodities Private Limited- II

(Debentures of Rs.1000 each) 467 4.67 467 4.6716. VBHDC Bangalore Value Homes Private Limited- Debenture.I 6880 6.88 6880 6.8817. Total Environment Projects Private Limited- Debnture.II 587 0.59 587 0.5918. BCC Infrastructure Private Limited 40781 40.78 8646 8.6419. ATS Apartments Private Limited 7452 7.45 7452 7.4520. Runwal Township Private Limited 53874 53.87 —21. Total Environment Habitat Private Limited 34838 34.84 —22. Dharmesh Constructions Private Limited 14709 14.71 —23. Bhaveshwar Properties Private Limited 28065 28.07 —24. Arimas Developers Private Limited 12978 12.98 —25. Marvel Realtors and Developers Private Limited 20144 20.14 —26. VBHC Chennai Value Homes Private Limited 8747 8.75 —27. Kunal Spaces Private Limited 8057 8.06 —28. VBHC Delhi Value Homes Private Limited 7073 7.07 —29. Ekta World Private Limited 12689 12.69 —30. Dr. Reddy’s Laboratories Limited (Debentures of Rs. 5 each) 30000 1.50 —

488.62 319.05

35650.01 54722.14Less:Provision for diminution in value of Current Investments (272.46) (207.74)

Total - Current Investments 35377.55 54514.40

74012.57 88953.56

III. APPLICATION MONEY PENDING ALLOTMENTDebenture Application MoneyRaymond UCO Denim Private Limited — 225.00

Per Balance Sheet 74012.57 89178.56

37

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...(fully paid up unless otherwise specified)

Acquired and Sold during the yearNos. Acquisition

Cost(Rs. in lacs)

A. Dividend Option (Units of Rs.10 each, unless otherwise specified):1. HDFC Cash Management Fund - Treasury Advantage Plan -

Retail - Weekly Dividend Option 3848359.91 385.782. Birla Sun Life Savings Fund - Instl. Daily Dividend - Reinvestment 178499691.43 17862.113. Birla Sun Life Ultra Short Term Fund - Institutional Daily Dividend 88083191.95 8813.164. Fortis Money Plus Institutional Plan Daily Dividend 111912124.83 11195.375. BNP Paribas Overnight Fund - Institutional Daily Dividend 72482468.10 7250.426. HDFC Cash Management Fund - Savings Plan -

Daily Dividend Reinvestment - Option : Reinvest 44192037.52 4700.447. HDFC Floating Rate Income Fund - Short Term Plan -

Wholesale Option - Dividend Reinvestment 161947660.71 16325.788. ICICI Prudential Ultra Short Term Plan Super Premium Daily

Dividend 85261259.75 8544.039. ICICI Prudential Flexible Income Plan Premium -

Daily Dividend (Units of Rs.100 each)) 14112284.14 14921.6210. ICICI Prudential Liquid Super Institutional Plan - Div. -

Daily (Units of Rs. 100 each) 23075149.93 23080.3411. Kotak Liquid (Institutional Premium) - Daily Dividend 86279764.20 10550.3812. Kotak Floater Long Term - Daily Dividend 74529222.15 7512.4013. LICMF Income Plus Fund - Daily Dividend Plan 47676337.53 4767.6314. Reliance Money Manager Fund - Institutional Option -

Daily Dividend Plan (Units of Rs. 1000 each) 681012.10 6819.4615. Reliance Liquid Fund Treasury Plan - Institutional Option -

Daily Dividend Option 98751030.86 15096.4716. UTI-Floating Rate Fund - Short Term Plan - Institutional Daily

Dividend Plan - Re-investment (Units of Rs. 1000 each) 616334.32 6168.0917. LICMF Liquid Fund - Dividend Plan 6657154.65 730.9618. Birla Sun Life Cash Plus - Instl.Prem.- Daily Dividend -

Reinvestment 290063292.54 29062.8919. Templeton India Treasury Management Account Super

Institutional Plan - Daily Dividend Reinvestment(Units of Rs.1000 each) 2392417.88 23940.28

20. Templeton India Ultra Short Bond Fund Super Institutional Plan -Daily Dividend Reinvestment 121788687.67 12193.00

21. Reliance Medium Term Fund - Daily Dividend Plan 42553408.48 7274.8922. UTI Money Market Mutual Fund - Institutional Daily Dividend -

Re-investments (Units of Rs.1000 each) 376164.40 3774.3823. IDFC Cash Fund - Super Inst Plan C - Daily Dividend 112754503.13 11278.2724. IDFC Money Manager Fund - TP Super Inst Plan C -

Daily Dividend 65936119.99 6594.6025. Religare Liquid Fund - Regular Weekly Dividend 93920.17 9.4026. Kotak Quarterly Interval Plan Series 7 - Dividend 5054842.75 505.5127. Religare Liquid Fund - Super Institutional Daily Dividend 67868685.67 10142.8128. Religare Ultra Short Term Fund - Institutional Daily Dividend 65375775.28 9835.1629. HDFC Cash Management Fund - Treasury Advantage Plan -

Wholesale - Daily Dividend Option 12947659.75 1298.8430. HDFC Liquid Fund Premium Plan - Dividend - Daily Reinvest -

Option : Reinvest 127959793.06 15687.6131. Templeton Floating Rate Income Fund Long Term Plan Super

Institutional - Daily Dividend Reinvestment 38031909.45 3806.9932. UTI-Fixed Income Interval Fund - Quaterly Interval Plan

Series - I - Institutional Dividend Plan - Re-investment 10289921.03 1028.9933. Canara Robeco Liquid Super Instt Daily Div Reinvest Fund 220251045.78 22146.2434. Canara Robeco Treasury Advantage Super Instt Daily

Div Reinvest Fund 110865641.64 13755.21

38

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...(fully paid up unless otherwise specified)

Acquired and Sold during the yearNos. Acquisition

Cost(Rs. in lacs)

35. BSL Floating Rate Fund - Long Term - Instl - Weekly Dividend 19186107.13 1920.7336. Fidelity Cash Fund (Institutional) - Daily Dividend 11548333.93 1155.1237. Fidelity FMP Series 2 - Plan B - Dividend 6000585.95 607.9238. DWS Insta Cash Plus Fund - Super Institutional Plan Daily

Dividend - Reinvest 76301181.11 7653.3139. DWS Ultra Short Term Fund - Institutional Daily Dividend -

Reinvest 76705350.51 7684.2740. ICICI Prudential Banking and PSU Debt Fund Daily Dividend 5151633.63 517.9541. TATA Liquid Super High Investment Fund - Daily Dividend

(Units of Rs.1000 each) 537070.90 5985.7642. UTI-Fixed Income Interval Fund - Series II -

Quarterly Interval Plan - IV - Institutional Dividend Plan -Reinvestment 10137201.80 1013.72

43. UTI-Fixed Income Interval Fund - Series II -Quarterly Interval Plan - VII - Institutional Dividend Plan -Reinvestment 15195370.78 1519.62

44. DSP BlackRock Liquidity Fund - Institutional Plan -Daily Dividend (Units of Rs.1000 each) 1293551.04 12939.60

45. SBI Premier Liquid Fund - Super Institutional - Daily Dividend 67842859.07 6806.3346. SBI SHF Ultra Short Term Fund - Institutional Plan - Daily Dividend 68388608.54 6842.9647. Kotak Quarterly Interval Plan Series 6 - Dividend 8000000.00 810.7148. Reliance Liquidity Fund - Daily Dividend Reinvestment Option 20482173.35 2049.2649. TATA Floater Fund - Daily Dividend 23665749.93 2375.0050. Fidelity FMP Series 3 - Plan B - Dividend 5550635.07 563.1251. Fidelity FMP Series 3 - Plan D - Dividend (Payout) 6000585.97 609.1252. JPMORGAN India Liquid Fund-Super Inst.Daily Divdend Plan -

Reinvest 74913196.31 7497.2453. JPMORGAN India Treasury Fund - Super Inst.

Daily Dividend Plan - Reinvest 50069689.26 5011.4354. UTI Liquid Cash Plan Institutional - Daily Income Option -

Re-investment (Units of Rs. 1000 each) 233179.17 2377.14

55. Reliance Quarterly Interval Fund Series III - Institutional Dividend 4333291.14 433.6156. Birla Sun Life Cash Manager - IP - Daily Dividend -

Reinvestment 77592671.44 7761.5957. DSP BlackRock Money Manager Fund Institutional Plan -

Daily Dividend (Units of Rs.1000 each) 470921.17 4712.9858. DSP Blackrock Floating Rate Fund - Institutional Plan -

Daily Dividend (Units of Rs.1000 each) 311076.64 3112.4659. DWS Treasury Fund Investment-Instl Plan-Monthly Dividend-

Reinvest 5030473.69 503.0560. JM High Liquidity Fund - super Institutional Plan -

Daily Dividend (92) 33815856.06 3387.1761. UTI Fixed Income Interval Fund-Monthly Interval Plan

Series-I-Institutional Dividend Plan- Payout 4999750.01 502.5162. UTI Fixed Income Interval Fund-Monthly Interval Plan

Series-II-Institutional Dividend Plan- Payout 10000000.00 1005.0363. Kotak Floater Short Term - Daily Dividend 2055813.62 207.9764. Kotak Flexi Debt Scheme Institutional - Daily Dividend 6457296.08 648.8065. Sundaram Ultra ST Fund Super Inst.Div Rein Daily 697419.55 70.0066. UTI-Fixed Income Interval Fund - Half Yearly Interval Plan

Series - I - Institutional Dividend Plan - payout 5000000.00 512.73

B. Growth Option ( Units of Rs.10 each, unless otherwise specified):1. Kotak Floater Long Term - Growth 4148374.65 619.142. Birla Sun Life Savings Fund Instl. - Growth 12522094.81 2195.79

39

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...(fully paid up unless otherwise specified)

Acquired and Sold during the yearNos. Acquisition

Cost(Rs. in lacs)

3. UTI Money Market Mutual Fund - Institutional Growth Plan(Units of Rs.1000 each) 372858.34 3850.00

4. HDFC Floating Rate Income Fund - Short Term Plan -Wholesale Option - Growth 32128777.50 5090.10

5. HDFC Cash Management Fund - Savings Plan - Growth 69475102.84 13400.006. Birla Sun Life Cash Plus - Instl. Prem.-Growth 33976715.45 5020.007. HDFC Cash Management Fund - Treasury Advantage Plan -

Wholesale - Growth 27040895.58 5481.148. ICICI Prudential Liquid Super Institutional Plan - Growth

(Units of Rs.100 each) 8338939.20 11395.009. ICICI Prudential Flexible Income Plan Premium - Growth

(Units of Rs.100 each) 3030251.34 5225.6610. Reliance Medium Term Fund - Retail Plan - Growth Plan -

Growth Option 2091823.25 400.2511. Reliance Liquid Fund - Treasury Plan - Institutional Option -

Growth - Growth Plan 4437624.32 1000.0012. Reliance Money Manager Fund - Institutional Option -

Growth Plan (Units of Rs.1000 each) 200986.54 2530.1013. Reliance Liquidity Fund - Growth Plan 24697758.28 3430.0014. SBNPP Money Fund Super Inst. Growth 24185041.30 4700.0015. SBNPP Ultra ST Fund Super Inst. Growth 37752017.99 4700.9216. UTI Floating Rate Fund - Short Term Plan - Institutional

Growth Option (Units of Rs.1000 each) 115902.77 1200.2017. LICMF Liquid Fund - Growth Plan 2368924.45 400.0018. IDFC Cash Fund - Super Inst Plan C - Growth 187946172.00 21240.0019. IDFC Money Manager Fund - Treasury Plan - Super Inst

Plan C - Growth 105051219.45 11596.7720. Templeton India Treasury Management Account Super

Institutional Plan - Growth (Units of Rs.1000 each) 676658.57 9625.0021. Religare Liquid Fund - Super Institutional Growth 96579175.16 12320.3822. Religare Ultra Short Term Fund - Institutional Growth 32665373.90 4162.5923. HDFC Liquid Fund - Premium Plus Plan - Growth 151714880.94 28401.5424. Fortis Overnight - Institutional Growth 3016041.13 430.0025. TATA Liquid Super High Inv. Fund - Appreciation

(Units of Rs.1000 each) 41994.97 725.0026. Canara Robecco Liquid Super Instt Growth Fund 54883251.66 6280.0027. SBI Premier Liquid Fund - Super Institutional - Growth 22263880.76 3275.0028. Reliance Liquidity Fund - Growth Option 71224038.87 10075.0029. DWS Insta Cash Plus Fund Institutional Plan Growth 5589526.71 830.0030. DWS Insta Cash Plus Fund - Super Institutional Plan Growth 16803569.54 2060.0031. DWS Ultra Short Term Fund - Institutional Growth 18528384.21 2060.3232. SBI Magnum Insta Cash Fund - Cash Option 1307686.82 275.0033. SBI-SHF-Ultra Short Term Fund - Institutional Plan - Growth 2227267.29 275.0534. JPMORGAN India Liquid Fund-Super Inst.Growth Plan 120376772.38 14920.0035. JM High Liquidity Fund - Super Institutional Plan - Growth (94) 25670518.77 3850.0036. DSP BlackRock Liquidity Fund - Institutional Plan - Growth

(Units of Rs.1000 each) 87723.05 1200.0037. Kotak Floater Short Term - Growth 23452738.94 3725.0038. BNP Paribas Overnight - Institutional Growth 21053328.14 3150.0039. SBI Premier Liquid Fund - Institutional - Growth 1763393.31 260.0040. UTI Floating Rate Fund - Short Term Plan - Institutional Growth

Option (Units of Rs.1000 each) 1255.28 13.0041. UTI Money Market Mutual Fund - Institutional Growth Plan

(Units of Rs.1000 each) 1259.23 13.0042. HDFC CMS - Growth 409343.68 79.72

40

C. Equity Shares (Quoted)(Shares of Rs.10 each, unless otherwise specified):1. Apollo Tyres Limited (Equity Shares of Re.1 each) 79000 50.112. Adani Enterprises Limited (Equity Sahres of Re.1 each) 3500 19.283. Bajaj Electricals Limited (Equity Shares of Rs.2 each) 4500 10.264. Cadila Healthcare Limited (Equity Shares of Rs.5 each) 5000 0.005. Chambal Fertilisers & Chemicals Limited 18000 14.926. Dabur India Limited (Equity Shares of Re.1 each) 5000 9.977. Eicher Motors Limited 4438 39.478. Fortis Healthcare Limited 13500 21.489. Havell’s India Limited (Equity Shares of Rs.5 each) 9000 36.3110. ING Vysya Bank 9000 30.7311. Ipca Laboratories Limited (Equity Shares of Rs.2 each) 8950 25.1112. Lupin Limited (Equity Shares of Rs.2 each) 12000 22.2913. McLeod Russel India Limited (Equity Shares of Rs.5 each) 11000 25.9814. Samruddhi Cement Limited 1500 21.7415. TVS Motor Company Limited (Equity Shares of Re.1 each) 58000 39.8116. Titan Industries Limited 700 20.1817. Tata Steel Limited 1600 9.8518. Tata Motors Limited (DVR Sahres) 12000 73.0819. Vijaya Bank 75000 41.24

Book Value Market Value

31st March,2011 31st March,2010 31st March,2011 31st March,2010(Rs. in lacs) (Rs. in lacs) (Rs. in lacs) (Rs. in lacs)

Aggregate of Quoted Investments 7253.03 3155.20 8186.24 4115.08Aggregate of Unquoted Investments 66759.54 86023.36

74012.57 89178.56

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...(fully paid up unless otherwise specified)

Acquired and Sold during the yearNos. Acquisition

Cost(Rs. in lacs)

31st March, 2011 31st March, 2010(Rs. in lacs) (Rs. in lacs)

SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES(a) Inventories:

(i) Loose Tools 107.14 103.58(ii) Stores and Spare Parts 1609.55 1745.59(iii) Stock-in-Trade:

Raw Materials 4761.32 2947.72Goods-in-Process 15342.66 10348.23Finished Goods 11660.33 8427.64

(iv) Merchanting Goods 3368.48 2740.36(v) Goods-in-Transit 4459.62 2137.26

41309.10 28450.38(b) Sundry Debtors :

(Refer Note 3A )(i) Debts outstanding for a period exceeding six months

Secured (considered good) 150.45 169.66Unsecured -Considered good (including Rs.102.39 lacs outstandingfrom subsidiaries; Previous year Rs 245.21 lacs) 1890.99 2722.21

2041.44 2891.87Considered doubtful 433.35 447.43Less: Provision (433.35) (447.43)

— —(ii) Other Debts :

Secured (considered good) 3078.38 3036.04Unsecured -Considered good (including Rs.1054.63 lacs outstanding fromsubsidiaries; Previous year Rs.570.64 lacs) 26926.03 23766.44

30004.41 26802.48

32045.85 29694.35

41

31st March, 2011 31st March, 2010(Rs. in lacs) (Rs. in lacs)

SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES (Contd)...(c) Cash and Bank Balances:

(i) Cash on hand (including cheques on hand Rs.133.49 lacs;Previous year Rs. 35.47 lacs) 184.70 79.46

(ii) Balances with Scheduled Banks:In Current Accounts 1340.63 1680.31In Deposit Account [includes Rs.0.51 lac deposit receiptendorsed in favour of Government authorities as security(Previous year Rs.0.53 lac)] 1637.18 888.96

(iii) Balances with Non-Scheduled Banks:In Current Accounts:The Municipal Co-operative Bank Limited[Maximum balance during the year Rs.10.31 lacs(Previous year Rs.6.79 lacs)] 6.47 3.03The Hongkong & Shanghai Banking Corporation, Shanghai[Maximum balance during the year Rs.6.53 lacs(Previous year Rs.23.05 lacs)] 5.53 3.90In Deposit Accounts:The Municipal Co-operative Bank Limited [Maximum balanceduring the year Rs.0.50 lac (Previous year Rs.0.50 lac)] 0.50 0.50

3175.01 2656.16(d) Other Current Assets:

(i) Export Incentives receivable 423.47 572.43(ii) Dividend, Interest Subsidy and Interest receivable

(Interest accrued on Investments Rs. Nil ;Previous year Rs.8.57 lacs) 2288.87 2084.07

(iii) MAT Credit Receivable 892.08 892.08(iv) Claims and Other receivables 566.50 783.72

4170.92 4332.30(e) Loans and Advances (Unsecured, considered good,

unless otherwise specified): [Refer Notes 3 and 4 ]Subsidiary Companies:

Loans and other duesConsidered good 11920.92 13729.68Considered doubtful 531.00 —Less : Provision [Refer Note 3A(b)] (531.00) — — —

Loans and Advances to companies and others:Considered good 70.00 70.00Considered doubtful:To a Joint Venture Company 2942.50 2942.50Less: Provision (2942.50) (2942.50)

— —Advance Tax (Net of provision for tax) 3813.48 2209.41Advances recoverable in cash or in kind or forvalue to be received :

Considered good 4390.35 4710.23Balances with -

Customs, Excise, etc. 314.53 303.03Others (including with subsidiaries Rs.98.77 lacs;Previous Year: Rs.160.33 lacs) 6841.42 6855.28

27350.70 27877.63Per Balance Sheet 108051.58 93010.82

SCHEDULE 7 - CURRENT LIABILITIES AND PROVISIONS(a) Current Liabilities :

Sundry Creditors [including Rs.25.00 lacs remuneration to the Directors(Previous year Rs.11.93 lacs)] [Refer Note 13] 24279.13 19345.30Advances against Sales 438.07 418.45Due to Subsidiary Companies 741.59 1440.79Deposits from Dealers and Agents 6480.57 6115.76Overdrawn Bank Balances 656.22 640.94Other Liabilities [Refer Note 3B(b)] 10955.25 1641.01Interest accrued but not due 650.28 814.89

44201.11 30417.14(b) Provisions :

For Proposed Dividend 613.81 —For Tax on Proposed Dividend 99.58 —For Fringe Benefit Tax (Net of Advance Tax) 11.73 14.67For Employee Benefits 3609.25 5296.75

4334.37 5311.42Per Balance Sheet 48535.48 35728.56

42

Year ended Year ended31st March, 2011 31st March, 2010

(Rs. in lacs) (Rs. in lacs)

SCHEDULE 8- SALES, SERVICES AND EXPORT INCENTIVES(1) Gross Turnover (net of usual trade discounts, allowances, etc.)

(a) Manufactured Goods(inclusive of sale of semi-finished goods) 135143.05 122392.76

(b) Merchanting Goods 12702.28 11199.55

147845.33 133592.31Less:Sales Returns 784.00 174.03Other discounts and allowances 597.32 2147.11

1381.32 2321.14

146464.01 131271.17(2) Income from Air Taxi Operations 1104.04 759.38(3) Gross Income from Services:

(a) Income from Job Work 823.63 474.32(b) Income from other services 527.72 436.86

(4) Export Incentives, etc. 733.85 995.18

Per Profit and Loss Account 149653.25 133936.91

SCHEDULE 9 - OTHER INCOMEDividends:From Non-Trade Investments— Current Investments 1487.60 160.42— Long Term Investments 2.63 —

1490.23 160.42From a Subsidiary company 0.07 0.04Interest Income (Tax deducted Rs.423.55 lacs;Previous year Rs.481.70 lacs):— On Long Term Investments 246.66 191.40— Others (Including from subsidiaries Rs.1611.39 lacs;

Previous Year Rs.1145.86 lacs) 2864.44 2645.06

3111.10 2836.46Profit on sale of Current Investments (Net) 881.80 1786.02Profit on sale of Long-term Investments (Net) 135.59 9.34Rent and Compensation 295.07 236.80Net Surplus on Disposal of Assets 130.43 —Credit Balances appropriated (Net) 67.21 16.58Provision no longer required 339.48 1720.30Miscellaneous Income 1172.33 1720.38

Per Profit and Loss Account 7623.31 8486.34

SCHEDULE 10 - MATERIAL COSTS(1) Raw Materials consumed:

Opening Stock 2947.72 2864.80Purchases 41201.65 32212.21

44149.37 35077.01Less:- Sales 135.95 586.80

- Transfer on divestment of Files and Tools Business — 724.73

44013.42 33765.48Less:Closing Stock 4761.32 2947.72

39252.10 30817.76(2) Merchanting Goods (Cost of goods sold):

Opening Stock 2740.36 3750.00Add: Purchases 9566.43 7462.91

12306.79 11212.91Less:- Transfer on divestment of Files and Tools Business — 164.43

12306.79 11048.48Less:Closing Stock 3368.48 2740.36

8938.31 8308.12

Per Profit and Loss Account 48190.41 39125.88

43

Year ended Year ended31st March, 2011 31st March, 2010

(Rs. in lacs) (Rs. in lacs)

SCHEDULE 11 - MANUFACTURING AND OPERATING COSTSStores and Spare Parts 8506.17 8300.58Power and Fuel 8305.45 8966.31Job Work Charges 10390.02 5340.81Repairs to Buildings 297.44 243.88Repairs to Machinery 988.32 1310.42Other Manufacturing and Operating Expenses 92.57 487.24

Per Profit and Loss Account 28579.97 24649.24

SCHEDULE 12 - (INCREASE)/DECREASE IN FINISHED AND PROCESS STOCKOpening Stock:

Goods-in-Process 10348.23 9073.06Finished Goods 8427.64 15272.34

18775.87 24345.40Closing Stock:

Goods-in-Process 15342.66 10348.23Finished Goods 11660.33 8427.64

27002.99 18775.87

(8227.12) 5569.53Add/(Less):Variation in excise duty on opening andclosing stock of finished goods 89.73 (23.91)

Per Profit and Loss Account (8137.39) 5545.62

SCHEDULE 13 - EMPLOYMENT COSTSSalaries, Wages, Bonus, etc, [including rent Rs.108.96 lacs(Previous year Rs.127.87 lacs)] 22536.48 22888.12Contribution to Provident and Other Funds 1225.02 1354.02Workmen and Staff Welfare Expenses 1366.32 1211.39

Per Profit and Loss Account 25127.82 25453.53

SCHEDULE 14 - ADMINISTRATIVE, SELLING AND GENERAL EXPENSESInsurance (Net) 91.52 115.94Rent 4416.22 4246.35Lease Rentals 18.41 14.14Rates and Taxes 615.01 149.05Advertisement 8654.93 6478.77Commission to Selling Agents 4653.94 3975.50Freight, Octroi, etc. 1202.11 857.44Bad Debts, Advances ,Claims and Investments written off 1575.76 753.92Less : Provision written back (1545.73) 30.03 (722.73) 31.19

Legal and Professional charges 3750.99 2818.11Repair & Maintenance Others 1407.48 1271.93Miscellaneous Expenses 7841.96 6811.83Loss on sale/discardment of Fixed Assets (Net) — 140.92Provision for diminution in value of Current Investments 64.72 —Contribution to Charitable Funds, etc. — 152.47Directors’ Fees 13.80 14.70

Per Profit and Loss Account 32761.12 27078.34

SCHEDULE 15 - FINANCE CHARGESInterest on Debentures and Fixed Loans(Net of Subsidy Rs.2413.41 lacs, Previous Year Rs.2190.51 lacs) 7429.15 6843.94Interest - Others 2705.40 2928.16

10134.55 9772.10Commitment and other charges on Loans 35.38 31.00

Per Profit and Loss Account 10169.93 9803.10

44

SCHEDULE 16 - NOTES FORMING PART OF THE ACCOUNTS

1. Loan Funds :

(a) Term Loans from Banks:

Amount Outstanding (Rs. in Lacs) From Banks:

Secured by :

(i) 51292.43 1) Mortgage of Immovable properties at the Company’s Textile Division at(P.Y. 57669.27) Vapi (Gujarat) and Suit Plant at Gauribidnur (Karnataka).

2) Hypothecation of specified machineries situated at the Company’s TextileDivision at Vapi (Gujarat), Jalgaon (Maharashtra), Chindwara (MadhyaPradesh) and at the Suit Plant at Gauribidnur (Karnataka).

(ii) 1654.00 Secured by hypothecation of specified machineries pertaining to the(P.Y. NIL) Captive Power Plant situated at the Company’s Textile Division at Vapi

(Gujarat). Further security in terms of Pari Passu charge by way ofMortgage for immovable property at Vapi (Gujarat) to be created.

(iii) 15000.00 Secured by first charge on specific Plant & Machinery to the extent of(P.Y. 15000.00) minimum 15% of the loan.

(b) Working Capital Loans (including Buyer’s Credit arrangement):

Secured by hypothecation of stocks, book debts and other current assets of the Company’s Textile Division.

2. Fixed Assets :

(a) In terms of the acquisition proceedings initiated by Thane Municipal Corporation, about 4,222 sq. meters of the Company’sland at Thane is acquired for the purpose of widening of municipal road. Necessary accounting effect for the same will begiven in the year in which the matter is finally settled.

(b) Buildings include Rs.10.48 lacs in respect of ownership flats/portions of buildings or Co-operative Housing Societies and Rs.0.02 lac in respect of shares held in Co-operative Housing Societies.

(c) Capital work-in-progress includes:

(i) Advances for capital expenditure Rs. 6197.54 lacs (Previous Year Rs.2024.08 lacs);

(ii) Machineries in transit Rs. 2253.91 lacs (Previous year Rs. 93.03 lacs).

3A. (a) The Company has an investment of Rs.1500 lacs in the shares of Everblue Apparel Limited (EBAL), a wholly owned subsidiaryof the Company. Further, the Company has loans, advances and other receivables amounting to Rs.1748.40 lacs recoverablefrom EBAL. The net worth of EBAL has substantially eroded due to past operational losses. EBAL has entered into aconducting Agreement with Raymond UCO Denim Private Limited (RUDPL) to manufacture Denim Jeans, label, packageand store as directed by RUDPL for a conducting fee in addition to reimbursement of certain costs and expenses incurredby EBAL in the manufacturing process. This arrangement has improved the performance of EBAL and EBAL has beenmaking profits for last four years. Under the circumstances and on the basis of the estimates, no provision is considerednecessary by the management at present, for any diminution in the value of investments and also in respect of losses thatmay arise in respect of loans to and other receivables from EBAL.

(b) The Company has an aggregate exposure of Rs.5196.31 lacs (including loans granted during the year Rs. 544.42 lacs ) inRaymond Woollen Outerwear Limited (RWOL), a subsidiary of the Company. The accumulated losses as at 31st March 2011have substantially exceeded the net worth of the company due to operational losses. The Company has, at the close ofthe year, assessed the carrying value of its exposure and based on such assessment, the Company has made a provision ofRs. 1500 lacs for permanent diminution in the value of its exposure in RWOL.

The Board of Directors of the Company has approved, subject to shareholders and statutory approval, merger of RWOLwith the Company, the appointed date being 1st April 2011.

3B. (a) The Company has an aggregate exposure net of provision of Rs. 11141.65 lacs, including investment during the year Rs.2132.10 lacs (gross Rs. 33432.75 lacs less provision for diminution Rs. 22291.10 lacs) in Raymond UCO Denim Private Limited(RUDPL) a joint venture company. The Company has, at the close of the year, reassessed the carrying value of theexposures. Based on the valuation by an expert, no further provision is considered necessary at present.

Considering the present financial position of RUDPL, the Company has agreed to waive the interest due on loans anddebentures for the year, amounting to Rs. 432.01 lacs (aggregate waiver of interest till 31st March 2011 Rs.1499.33 lacs)

The Company has, along with its JV partner, pledged shareholding in RUDPL as security for a loan taken by a subsidiary ofRUDPL to fund the employee separation cost. The Company, along with the Joint Venture Partner, had also undertaken toadditionally fund RUDPL in case it fails to meet certain covenants of the Facility cum Hypothecation Agreement with Banks,which undertaking has been released by the banks during the year.

45

(b) The Company has entered in to agreements for a voluntary separation scheme with the Registered Workmen Unioncovering the workmen of its Thane Textile plant. All the workmen of the plant availed the scheme. Compensation andother cost relating to the separation amounting to Rs. 23767.61 lacs (Including amounts payable on 22nd October 2013 atpresent value Rs.8749.60 lacs) has been shown under exceptional item.

4. (a) Loans and Advances in the nature of loans:

(Rs. in lacs)

Amount Maximum Shares held by outstanding balance Loanee in the Company

during the No. of Maximumyear Shares No.of

outstanding Shares heldat the year-end during the year

(i) Subsidiaries:

Colorplus Fashions Limited - 2,000.00 - -

(300.00) (1,800.00) (-) (-)

Pashmina Holdings Limited 300.00 300.00 - -

(300.00) (300.00) (-) (-)

Everblue Apparel Limited 1675.00 1675.00 - -

(1675.00) (2012.75) (-) (-)

JK Files (India) Limited 4927.82 6085.00 - -

(6085.00) (6085.00) (-) (-)

Raymond Apparel Limited - 6000.00 - -

(-) (5000.00) (-) (-)

Silver Spark Apparel Limited 1507.96 1507.96 - -

(1507.96) (2507.96) (-) (-)

Celebrations Apparel Limited 656.08 656.08 - -

(1021.08) (1021.08) (-) (-)

Raymond Woollen Outerwear Limited **3385.06 3385.06 - -

(2840.64) (2840.64) (-) (-)

(ii) Joint Ventures:

Raymond UCO Denim Private Limited

(Repayable on or before 6th August, 2013) *2942.50 2,942.50 - -

* (2942.50) (2942.50) (-) (-)

(Figures in bracket relate to previous year)

* Refer Note 3B(a). Amounts fully provided for-

** Refer Note 3A (b) amount gross of provision

(b) Advances recoverable in cash or in kind or for value to be received, considered good, includes:

(i) Due from Officers of the Company Rs. 12.98 lacs (Previous year Rs.29.40 lacs); Maximum balance during the year Rs.27.70 lacs (Previous year Rs.49.20 lacs).

(ii) Due from Subsidiary Companies Rs. 746.57 lacs (Previous year Rs.857.07 lacs).

46

5. A. Contingent Liabilities not provided for :

31st March, 2011 31st March, 2010(Rs. in lacs) (Rs. in lacs)

(a) Claims against the Company not acknowledged as debts in respect ofpast disputed liabilities of the Cement and Steel Divisions divested duringthe year 2000-01, Carded Woollen business divested during the year2005-06, Denim Division divested during 2006-07 (interest thereon notascertainable at present).

— Sales Tax 98.54 181.85

— Royalty on Limestone 2201.94 2201.94

— Other matters 152.09 152.09

2452.57 2535.88

(b) Claims against the Company not acknowledged as debts in

respect of other divisions.

— Sales Tax 416.64 36.05

— Compensation for Premises 1,611.50 1,518.98

— Stamp Duty 174.16 174.16

— Water Charges 82.25 105.11

— Other Matters 132.30 111.32

2,416.85 1,945.62

(c) Bills Discounted with the Company’s bankers 718.75 1853.67

(d) On account of corporate guarantee to the bankers/vendors on behalf of

subsidiaries for facilities availed by them (amount outstanding at close of the year) 6421.93 7371.85

(e) Disputed demands in respect of Income-tax, etc. (Interest thereon not

ascertainable at present) 2189.28 1991.46

(f) Bonds/Undertakings given by the Company under concessional

duty/exemption scheme to Government authorities

(Net of obligations fulfilled) 9456.50 8831.75

(g) Disputed liability towards Excise duty on Post Removal of Goods from

place of manufacture 2118.90 2118.90

(h) Disputed Excise Duty Liability in respect of other matters

(includes Rs 645.10 lacs, Previous Year Rs. 645.10 lacs, on account of

denial of excise exemption benefit) 1537.84 1943.23

(i) Liability on account of jute packaging obligation upto 30th June, 1997, in

respect of the Company’s erstwhile Cement Division, under the Jute Packaging

Materials (Compulsory use in Packing Commodities) Act, 1987. Amount not determinable

(j) Company’s liabilities/ obligations pertaining to the period upto the date of

transfer of the Company’s erstwhile Steel, Cement, Carded Woollen Division

and Denim Division in respect of which the Company has given

undertakings to the acquirers Amount not determinable

Note: Item 5A(a), (b), (e), (g) to (j)

The Company has taken legal and other steps necessary to protect its position in respect of these claims, which, in itsopinion, based on legal advice, are not expected to devolve. It is not possible to make any further determination of theliabilities which may arise or the amounts which may be refundable in respect of these claims.

47

B Estimated amount of contracts remaining to be executed on capitalaccount and not provided for (net of advances). 5187.61 4387.98

C Disclosure in respect of derivative instruments :

(a) Derivative instruments outstanding :

Millions

Forward Option Swap

(i) Against Exports USD/INR — (9.01) USD/INR — —

GBP/USD — (0.22)

(ii) Against Imports USD/INR 10.40 (6.28)

AUD/USD 5.97 (7.14) AUD/USD 5.00 (—)

AUD/INR 1.00 —

(iii) Loans taken :

- Principal USD/INR 2.40 (4.00) USD/INR — (19.00) JPY/INR 2085.66 (3476.10)

INR/USD — (14.00)

- Interest rate JPY/INR 2085.66 (3476.10)

USD/USD — (20.00)

Note: ( ) Denotes previous year’s figures.

(b) All the derivative instruments have been acquired for hedging purposes.

(c) Foreign currency exposures that are not hedged by derivative instruments :

Millions

USD EURO GBP JPY RMB

10-11 09-10 10-11 09-10 10-11 09-10 10-11 09-10 10-11 09-10

i) Debtors 3.27 — 0.19 0.08 — — 0.89 — — —

ii) Creditors 0.60 0.14 0.18 0.15 0.10 — — 0.64 — —

iii) Loans taken 4.57 18.70 — — — — — — — —

iv) Cash & Bank bal. — — — — — — — — 0.08 0.06

6. A. Managerial remuneration under Section 198 of the Companies Act, 1956, paid or payable during the financial year, to theDirectors, as under :

2010-2011 2009-2010(Rs. in lacs) (Rs. in lacs)

Salary and Allowances 333.24 394.83Contribution to Provident and Other Funds 24.47 37.31

357.71 432.14Money value of perquisites and benefits 21.57 50.66

379.28 482.80Commission * 25.00 —

404.28 482.80

(a) The employee-wise break-up of liability on account of Retirement Benefit Schemes based on actuarial valuation is notascertainable. The amounts relatable to the Directors is, therefore, disclosed in the year of payment.

(b) (i) Remuneration to the Chairman and Managing Director and Whole Time Director have been paid in terms of theCentral Government approvals received.

(ii) In respect of remuneration paid to the Chairman and Managing Director for the period April 2009 to June 2009, theCompany has received approval from Central Government during the year.

(iii) In respect of remuneration paid to the Whole Time Director for the period 20th June 2009 to 31st March 2010, theCompany has received requisite approval from the Central Government during the year.

31st March, 2011 31st March, 2010(Rs. in lacs) (Rs. in lacs)

48

Year ended Year ended31st March, 2011 31st March, 2010

(Rs. in lacs) (Rs. in lacs)

B. Statement showing the computation of Net Profit inaccordance with Section 198(1) of the Companies Act, 1956:Profit/(Loss) before Tax - per Profit and Loss Account (15,265.37) 2,004.34Add: Managerial remuneration paid/provided 404.28 482.80

Director’s Fees 13.80 14.70Depreciation and amortisation 10372.36 11,130.65Provision for diminution in value of current investments 64.72 —Exceptional Items (net) [Refer Note 15] 25,267.61 (116.52)

36122.77 11511.63

20,857.40 13,515.97Less: Profit on sale of Investments (net) 1017.39 1795.36

Excess of expenditure over income underSection 349 relating to earlier years. 6598.13 6,735.03Depreciation and amortisation 10372.36 11,130.65Provision for doubtful debts/receivables (shown as exceptional item) — 222.30Prior period adjustments (Net) 38.30 130.76Provision for Wealth Tax 110.00 100.00

18136.18 20114.10

Net Profit/(Loss) in accordance with Section 198(1)/349 2,721.22 (6,598.13)

* Commission Payable to the Directors other than Chairman & Managing Director and Wholetime Director

7. Auditor’s Remuneration:(i) Fees as Auditor 40.26 40.26(ii) For management services 5.51 5.79(iii) For other services 22.60 23.47(iv) Out-of-pocket expenses 2.91 2.72

8. Imports:Value of imports (including in-transit) calculated on C.I.F. basis in respect of -(i) Raw Materials, Merchanting Goods, etc. 18,354.25 12,789.03(ii) Stores and Spare Parts 1,277.03 1,175.19(iii) Capital Goods 2,616.23 555.10(iv) Repairs 13.85 237.69

9. Expenditure in Foreign Currency on account of:(i) Interest and Finance Charges 960.75 1,441.29(ii) Export Sales Commission 901.98 679.65(iii) Advertisement expenses 152.12 217.01(iv) Foreign travel, subscription, etc. 129.51 169.36(v) Consultancy charges 273.46 351.25(vi) Others 290.41 727.58

10. Remittance in Foreign Currency on account of dividends:Paid in 2010-2011 Paid in 2009-2010

(a) Year to which the dividend relates 2009-2010 2008-2009(b) Number of non-resident shareholders to whom remittances were made Nil Nil(c) Number of shares on which remittances were made Nil Nil(d) Amount remitted (Rs. in Lacs) Nil Nil

Year ended Year ended31st March, 2011 31st March, 2010

(Rs. in lacs) (Rs. in lacs)

11. Earnings in Foreign Currency:(i) Export of goods calculated on FOB basis 9490.44 12877.13(ii) Earnings from Air Taxi Operations 82.95 26.92(iii) Others 20.45 26.48

12. Revenue expenditure, including overheads on research and development incurred and charged out during the year throughthe natural heads of account, aggregate Rs. 24.29 lacs (Previous year Rs. 12.09 lacs). The capital expenditure incurred forresearch and development purposes, aggregate Rs. Nil (previous year Nil).

13 A Sundry Creditors in Schedule ‘7’ to the Accounts include (i) Rs. Nil (Previous Year Rs. Nil) due to micro and small enterprisesregistered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME); and (ii) Rs. 24279.13 lacs (PreviousYear Rs. 19295.30 lacs) due to other creditors.

49

B No interest is paid / payable during the year to any enterprise registered under the MSME.C The above information has been determined to the extent such parties could be identified on the basis of the information

available with the Company regarding the status of suppliers under the MSME.Year ended Year ended

31st March, 2011 31st March, 2010(Rs. in lacs) (Rs. in lacs)

14. Prior period adjustments represent :Debits relating to earlier years 65.92 160.32Credits relating to earlier years (27.57) (26.94)Depreciation/Amortisation adjustments (net) (0.05) (2.62)

38.30 130.76

15. Exceptional Items:(a) VRS payments and other termination costs [Refer Note 3B (b)] (23767.61) (3119.85)(b) Net surplus on divestment of Files and Tools business — 4450.82(c) Provision for Diminution in the value of exposure in a subsidiary

[Refer Note 3A (b)] (1,500.00) (1,214.45)

(25267.61) 116.52

(Rs. in lacs)As at 31-3-2011 As at 31-3-2010 As at 31-3-2009

16. Deferred Tax :Deferred Tax Liability on account of :Depreciation 9388.38 9936.85 9998.40Deferred Tax Asset on account of :(i) VRS Payments 4533.27 816.50 329.25(ii) Other Employee benefits 3633.34 1258.02 1474.14(iii) Taxes, Duties, Cess, etc. 197.99 208.12 218.65(iv) Provision for doubtful debts, etc. 84.07 90.73 381.00(v) Unabsorbed Depreciation 3722.02 5457.47 4750.74(vi) Others 0.96 0.98 7.42

12171.65 7831.82 7161.20

Deferred Tax Liability/(Asset) (Net) (2,783.27) 2105.03 2837.20

17. Related parties disclosures :1. Relationships :

(a) Subsidiary Companies :Pashmina Holdings LimitedEverblue Apparel LimitedJaykayorg AGRaymond (Europe) LimitedJK Files (India) LimitedColorplus Fashions LimitedSilver Spark Apparel LimitedCelebrations Apparel LimitedRing Plus Aqua LimitedRaymond Woollen Outerwear LimitedR & A Logistics Inc.,Scissors Engineering Products LimitedJK Talabot LimitedRaymond Apparel Limited (Formerly Solitaire Fashions Limited)

(b) Joint VenturesRaymond Zambaiti LimitedRose Engineered Products India Private. Limited.Raymond UCO Denim Private Limited and its subsidiaries and Joint VenturesUCO Fabrics Inc.and its Subsidiaries.UCO Testatura S.r.l. (Joint Venture w.e.f. 1st October, 2010)UCO Raymond Denim Holding NVRayves Automotive Textiles Company Private Limited.

(c) Other related parties where control exists :J.K. Investo Trade (India) LimitedP. T. Jaykay Files IndonesiaJ.K. Helene Curtis LimitedJ.K. Ansell LimitedJ.K. Investors (Bombay) LimitedRadha Krshna Films Limited

(d) Key Management Personnel :Mr. Gautam Hari SinghaniaMr. Desh Deepak Khetrapal (upto 6th May, 2010)

(e) Relatives of key management personnel and their enterprises where transactions have taken place :Dr. Vijaypat SinghaniaSilver Soaps Private LimitedAvani Agricultural Farms Private Limited.

Note : Related party relationship is as identified by the Company and relied upon by the Auditors.

50

2. Transactions carried out with related parties referred in 1 above, in ordinary course of business: (Rs. in lacs)

Related Parties

Nature of transactions Referred in Referred in Referred in Referred in Referred in1(a) above 1(b) above 1(c) above 1(d) above 1(e) above

PurchasesGoods and Materials 4,718.18 755.50 2064.75 - -

(5,692.34) (321.59) (1201.97) (-) (-)Fixed Assets 87.37 - - - -

(0.62) (-) (-) (-) (-)DEPB Certificate - 87.68 14.23 - -

(-) (23.82) (-) (-) (-)SalesGoods, Materials and Services 3,341.58 30.24 - - -

(3,366.92) (0.75) (195.81) (-) (-)Fixed Assets 4.44 - 4.42 - -

(3.43) (-) (-) (-) (-)ExpensesRent and other service charges 61.18 1.21 819.95 - 40.80

(30.05) (1.10) (819.91) (-) (40.80)Job work charges 883.08 - - - -

(1,505.42) (-) (-) (-) (-)Agency Commission 897.62 - 579.78 - -

(668.50) (-) (560.89) (-) (-)Remuneration (Refer Note 6) - - - 379.28 -

(-) (-) (-) (482.80) (-)Interest paid - - - - -

(-) (-) (21.10) (-) (-)Professional Fees - - - - 132.36

(-) (-) (-) (-) (132.36)Directors’ Fees - - - - 1.80

(-) (-) (-) (-) (2.00)Other Reimbursements 284.83 10.31 11.86 - -

(372.72) (655.36) (57.70) (-) (-)IncomeRent and other service charges 1,662.76 19.81 26.41 - -

(412.62) (17.87) (67.10) (-) (-)Interest/Dividend received 1,611.47 - - - -

(1,131.79) (0.77) (-) (-) (-)Other ReceiptsDeputation of staff 238.32 36.09 307.43 - -

(460.76) (67.89) (276.58) (-) (-)Advertisement Reimbursements 99.75 - 36.72 - -

(-) (-) (92.09) (-) (-)Other reimbursements 646.96 135.95 83.69 - -

(950.17) (63.06) (37.67) (-) (-)FinanceLoans and Advances given 28,466.42 - - - -

#(7320.85) (-) (-) (-) (-)Investments made 107.76 2,132.10 - - -

(3,045.00) (620.86) (-) (-) (-)OutstandingsCommitments given on behalf of 12,100.00 Refer note - - -

(12,707.79) 3B(a) (-) (-) (-)Payable 741.59 602.33 701.98 - -

(1,440.80) (656.64) (695.53) (-) (5.67)Receivable 2,299.38 321.58 65.90 - -

(1,895.22) (0.33) (29.35) (-) (-)Agency/Property Deposits received - 1.00 211.02 - -

(-) (1.00) (211.02) (-) (-)Security Deposit paid 98.77 - - - -

(150.00) (-) (-) (-) (-)Loans and Advances **12451.92 $*2942.50 - - -

**(13729.68) * (2942.50) (-) (-) (-)Property Deposit paid 10.33 1.00 2947.86 - 50.00

(10.33) (1.00) (2935.85) (-) (50.00)

Notes : The above excludes:1 Transfer of Files & Tools Business to JK Files (India) Limited (JKFIL) in the previous year2 Forfeiture of amount paid against Share Warrants issued to JK Investors (Bombay) Limited in the previous year3 Provision against the exposure in Raymond Woollen Outerwear Ltd.[Refer Note 3A (b)].$ Raymond Uco Denim Private limited - Interest of Rs. 432.01 Lacs waived on this Loan (Previous year Rs.1067.32 Lacs.)* Refer Note 3B (a). Figures are gross of provision.** includes Rs. 2039.04 lacs, interest free (Previous year Rs.2404.04 lacs)# includes Rs. NIL interest free (Previous year Rs.248.60)

(Previous year figures are in brackets)

51

3 Disclosure in respect of material transactions with related parties during the year. (included in 2 above).

(Rs. in lacs)

2010-11 2009-10

Purchases

Goods and Materials

Raymond Apparel Limited 3,779.46 3,294.54

Raymond Woollen Outerwear Limited 418.00 292.13

Colorplus Fashions Limited 432.21 416.78

Raymond Zambaiti Limited 748.79 315.43

J.K. Investors (Bombay) Limited 1,961.71 1,129.10

JK Files (India) Limited — 1,219.98

JK Talabot Limited — 455.20

Sales

Goods and Materials

Raymond Apparel Limited 1,174.28 943.26

Silver Spark Apparel Limited 1,416.35 1,265.70

Raymond Woollen Outerwear Limited 398.78 274.26

JK Files (India) Limited — 537.83

Job work charges Paid

Raymond Woollen Outerwear Limited 710.02 877.10

Rent Paid

J.K. Investors (Bombay) Limited 615.91 615.91

J.K. Investo Trade (India) Limited 204.04 204.00

Rent & Other Services Charges Received

Silver Spark Apparel Limited 806.10 24.00

JK Files (India) Limited 813.21 315.65

Interest Received

Raymond Apparel Limited 490.13 308.42

JK Files (India) Limited 494.31 288.25

Raymond Woollen Outerwear Limited 300.20 161.08

Commission

Jaykayorg AG 897.62 650.42

J.K. Investors (Bombay) Limited 579.78 560.89

Property Deposit

J.K. Investors (Bombay) Limited 2,935.85 2,935.85

Guarantee Given

Silver Spark Apparel Limited 4,484.00 5,089.25

Raymond Woollen Outerwear Limited 2,130.00 2,132.54

Everblue Apparel Limited 4,300.00 4,300.00

52

As at 31.03.2011 As at 31.03.2010(Rs.in lacs) (Rs. in lacs)

18. (a) Premises taken on operating lease:

The total future minimum lease rentals payable at the Balance Sheet date is as under:

For a period not later than one year 3556.16 2941.46

For a period later than one year and not later than five years 9617.54 8201.24

For a period later than five years 758.46 1861.52

(b) Vehicles taken on operating lease:

The total future minimum lease rentals payable at the Balance Sheet date is as under:

For a period not later than one year 89.00 31.70

For a period later than one year and not later than five years 171.18 48.24

For a period later than five years - -

Total operating lease expenses debited to Profit and Loss Account isRs. 4624.06 lacs (Previous Year, Rs. 4402.39 lacs)

(c) Premises given on operating lease:

(i) Buildings:

Gross carrying amount 244.74 244.74

Depreciation for the year 8.27 8.33

Accumulated Depreciation 62.28 54.01

The value of portions of premises given on operating lease is not disclosedabove since identification of value relatable to the portion is not possible.

(ii) The total future minimum lease rentals receivable at the Balance Sheet dateis as under:

For a period not later than one year 151.54 39.42

For a period later than one year and not later than five years 375.15 2.88

For a period later than five years - -Year ended Year ended

31st March, 2011 31st March, 2010(Rs. in lacs) (Rs. in lacs)

19. Computation of Profit for Earnings per Share:

Profit/(Loss) for the year after tax (10487.07) 2636.51

Prior period adjustments (Net) (38.30) (130.76)

Tax in respect of earlier years 506.18 -

Profit/(Loss) including exceptional items (10019.19) 2505.75

Exceptional items (net of taxes) 17529.83 (823.44)

Profit/(Loss) excluding exceptional items (net of taxes) 7510.64 1682.31

Nominal value per share in Rupees 10.00 10.00

53

20. Capacity and Production(Annual Capacity)

As at 31st March, 2011 As at 31st March, 2010

Licensed/ * Installed Licensed/ * InstalledRegistered Registered

(A) Licensed and Installed Capacities:

Wool Combing - Lac Kgs. 13.60 13.60 13.60 13.60

Wool Combing - Lac Kgs. 46.96 (b) 46.96 46.96 (b) 46.96

Wool Spinning - Spindles 1440 1440 1440 1440

Worsted Spinning - Spindles 22700 22700 22700 22700

Worsted Spinning - Spindles 55656 (b) 55656 55656 (b) 55656

Synthetic Spinning - Spindles 13728 (a) 13728 13728 (a) 13728

Synthetic Spinning - Spindles 3840 3840 3840 3840

Weaving - No. of Looms 246 246 246 246

Weaving - No. of Looms 243 (b) 243 243 (b) 243

Weaving - No. of Looms 32 32 32 32

Hosiery - No. of Machines Not specified 37 Not specified 37

Looms for Plush Fabrics 19 (b) 19 19 (b) 19

Trousers - Lac Nos. 5.44 (b) 5.44 5.44 (b) 1.80

Jackets - Lac Nos. 5.44 (b) 5.44 5.44 (b) 1.80

* As certified by the Management and being a technical matter, accepted by the Auditors as correct.

(a) Per Memorandum of Information filed with Secretariat for Industrial Approvals, Government of India

(b) Installed against Industrial Entrepreneurs Memorandum

(c) The above installed capacities include capacities at Thane Textile Plant, which are being relocated at other plantlocations

54

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55

21 Disclosures pursuant to Accounting Standard-15 “Employee Benefits”

a. The Company has recognised Rs.1225.02 Lacs (Previous Year Rs.1354.02 Lacs) in the Profit & Loss Account for the yearended 31st March 2011 under Defined Contribution Plans.

b. Details of Defined Benefit Plan(Rs. in lacs)

31st March, 2011 31st March, 2010

Gratuity Pension Gratuity Pension

1 Components of Employer Expense

(a) Current Service Cost 258.34 28.29 303.83 32.35

(b) Interest Cost 476.85 62.78 461.66 60.52

(c) Expected Return on Plan Assets (438.92) - (452.00) -

(d) Actuarial (Gain)/Loss 176.75 (698.10) (59.01) (7.17)

(e) Past Service Cost 971.04 - - -

(f) Total expense/(gain) recognised in the Profit and Loss Account1,444.06 (607.03) 254.48 85.70

2 Net Asset/(Liability) recognised in Balance Sheet

(a) Present Value of Obligation as at the close of the year 4191.20 136.60 5284.15 830.62

(b) Fair Value of Plan Assets as at the close of the year 4191.20 N.A. 5284.15 N.A.

(c) Asset/(Liability) recognised in the Balance Sheet - (136.60) - (830.62)

3 Change in Defined Benefit Obligation (DBO)during the year ended

(a) Present Value of Obligation as at the beginning of the year 5284.15 830.62 6516.35 803.04

(b) Current Service Cost 258.34 28.29 303.83 32.35

(c) Interest Cost 476.85 62.78 461.66 60.52

(d) Actuarial (Gain)/Loss 151.52 (698.10) (88.83) (7.17)

(e) Past Service Cost 971.04 - - -

(f) Liabilities assumed on Acquisition / Settled on Divestiture - - (1,028.17) -

(g) Benefits Paid (2,950.70) (86.99) (880.69) (58.12)

(h) Present Value of Obligation as at the close of the year 4191.20 136.60 5284.15 830.62

4 Changes in the Fair Value of Plan Assets

(a) Present Value of Plan Assets as at the beginning of the year 5284.15 6516.35

(b) Expected Return on Plan Assets 438.91 452.00

(c) Actuarial Gain/(Loss) (25.22) (29.82)

(d) Actual Company Contribution 1,444.06 N.A. 254.48 N.A.

(e) Liabilities assumed on Acquisition / Settled on Divestiture - (1,028.17)

(f) Benefits Paid (2,950.70) (880.69)

(g) Fair Value of Plan Assets as at the close of the year 4191.20 5284.15

5 Expected Employer’s Contribution For Next Year 300.00 22.56 300.00 148.42

6 Actuarial Assumptions

(a) Discount Rate (per annum) 8.35% 8.35% 8.00% 8.00%

(b) Expected Rate of Return on Assets (per annum) 7.50% N.A. 7.50% N.A.

(c) Salary Escalation Rate* 7.50% 7.50% 7.50% 7.50%

* takes into account the inflation, seniority, promotions and other relevant factors

} }

56

7 Percentage of each Category of Plan Assets to total Fair Value ofPlan Assets as at the close of the year

(a) Government Securities 33% 60%

(b) Corporate Bonds 15% N.A. 33% N.A.

(c) Insurer Managed Funds 52% 5%

(d) Others 0% 2%

8 Defined Benefit Plan For 5 Years 31/03/2011 31/03/2010 31/03/2009 31/03/2008 31/03/2007

A ) GRATUITY

Net Asset/(Liability) recognised in Balance Sheet

(a) Present Value of Obligation as atthe close of the year 4191.20 5284.15 6516.35 6005.31 N.A.

(b) Fair Value of Plan Assets as at the closeof the year 4191.20 5284.15 6516.35 6005.31 N.A.

(c) Asset/(Liability) recognised in the Balance Sheet - - - - N.A.

Change in Defined Benefit Obligation (DBO)during the year ended

Actuarial (Gain)/Loss 151.52 (88.83) 65.32 (78.99) N.A.

Changes in the Fair Value of Plan Assets

Actuarial Gain/(Loss) (25.22) (29.82) (19.55) (88.08) N.A.

B ) PENSION

(a) Present Value of Obligation as atthe close of the year 136.60 830.62 803.04 792.43 N.A.

(b) Fair Value of Plan Assets as at theclose of the year N.A. N.A. N.A. N.A. N.A.

(c) Asset/(Liability) recognised in theBalance Sheet (136.60) (830.62) (803.04) (792.43) N.A.

Change in Defined Benefit Obligation (DBO)during the year ended

Actuarial (Gain)/Loss (698.10) (7.17) (48.67) (24.17) N.A.

Changes in the Fair Value of Plan Assets

Actuarial Gain/(Loss) N.A. N.A. N.A. N.A. N.A.

(Rs. in lacs)

31st March, 2011 31st March, 2010

Gratuity Pension Gratuity Pension

} }

57

22. Material Consumption(Rs. in lacs)

Year Ended Year Ended31st March, 2011 31st March, 2010

Unit Quantity Value Quantity Value

A. Raw Material Consumed:

Wool and Wool Tops M.T. 3375 15967.00 3109 12630.00

Other Natural Fibres & Tops M.T. 84 431.00 84 480.00

Staple & Synthetic Fibres & Tops M.T. 5217 6016.00 4946 4911.00

Yarn M.T. 7579 15922.00 5435 9280.00

Grey Fabric Lacs Mtrs. 6.00 584.00 1.00 150.00

Rags & Waste M.T. 148 94.00 69 46.00

Fabric Lacs Mtrs. 2 162.10 - -

Files Steel M.T. 2342 1112.94

Drill Steel M.T. 172 583.30

Semi-Finished Files Lac Nos. 79 1418.48

Others 76.00 206.04

39252.10 30817.76

B. Imported and Indigenous materials consumed:Year Ended Year Ended

31st March, 2011 31st March, 2010

(Rs. in lacs) % (Rs. in lacs) %

(i) Raw Materials:

Imported 15776.00 40.19 11780.07 38.22

Indigenous 23476.10 59.81 19037.69 61.78

39252.10 100.00 30817.76 100.00

(ii) Stores and Spare Parts:

Imported 1445.76 17.00 1389.56 16.74

Indigenous 7060.41 83.00 6911.02 83.26

8506.17 100.00 8300.58 100.00

23. Information on Joint Ventures:

i) Jointly controlled entities.

Sr. Name of the Joint Venture Country of Percentage ofNo. Incorporation Ownership interest

2010-11 2009-10

1) Raymond Zambaiti Ltd. India 50% 50%

2) Raymond UCO Denim Pvt. Ltd. India 50% 50%

3) Rose Engineered Product India Pvt. Ltd.* India 50% 50%

4) Rayves Automotive Textile Company Pvt. Ltd.* India 33.33% 33.33%

* Held through subsidiaries

58

ii) Contingent Liabilities in respect of Joint Ventures.(Rs.in lacs)

2010-11 2009-10

a) Directly incurred by the Company - -b) Share of the Company in contingent liabilities which have been

incurred jointly with other ventures - -c) Share of the Company in contingent liabilities incurred by jointly

controlled entity (to the extent ascertainable) 2332.03 1499.53d) Share of other ventures in contingent liabilities incurred by jointly controlled entity. - -

iii) Capital commitments in respect of Joint Venturesa) Direct Capital commitments by the Company - -b) Share of the Company in capital commitments which have

been incurred jointly with other ventures Refer Note 3B(a)c) Share of the Company in capital commitments of the jointly controlled entity. 401.81 215.94

iv) Interest in the assets, liabilities, income and expenses with respect to jointly controlled entities.(Rs.in lacs)

2010-11 2009-10A) Assets:

a) Fixed Assets (Net Block): 19927.35 24499.48Capital Work-in Progress 422.11 166.10

b) Investments - -c) Current Assets, Loans and Advances:

Inventories 9753.99 6340.91Sundry Debtors 7539.23 6200.95Cash and Bank Balances 491.25 1587.88Loans and Advances 1647.14 1871.71Other Current Assets 2008.82 1791.28

B) Liabilities:1) Loan Funds:

Secured Loans 18897.00 21286.88Unsecured Loans 4258.89 4836.21

2) Current Liabilities and Provisions:Liabilities 7343.29 7219.99Provisions 1165.27 4523.41

3) Deferred Tax Liability (Net) 462.83 418.12C) Income:

a) Sales and Export Incentives 43564.73 34346.54b) Other Income 484.82 873.41

D) Expenditure:a) Material Costs 22696.10 14533.15b) Manufacturing Expenses and Inventory Variation 10667.53 10686.46c) Employment Costs 3518.58 3221.17d) Administrative, Selling and Other Expenses 2549.93 2826.19e) Finance Charges 1347.68 1775.47f) Depreciation 2907.83 3189.99g) Provision for Taxation 151.93 282.82

24. In accordance with Accounting Standard-17 ‘Segment Reporting’, segment information has been given in the consolidatedfinancial statements of Raymond Limited, and therefore , no separate disclosure on segment information is given in thesefinancial statements.

25. Previous year’s figures have been regrouped / recast wherever necessary. In view of the divestment of the Files & Tools business,the figures of current year are not comparable with corresponding figures of previous years.

26. Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to theseAccounts as Annexure I.

Signatures to Schedules 1 to 16As per our Report of even date

For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIAFirm Registration Number 102021W President - Finance & Chairman and Managing DirectorChartered Accountants Chief Financial Officer

S. Venkatesh THOMAS FERNANDES P. K. BHANDARIPartner Director-Secretarial & DirectorMembership No. F-037942 Company Secretary

Mumbai, 21st April , 2011 Mumbai, 21st April , 2011

59

ANNEXURE ISTATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES(annexed to and forming part of the Accounts for the year ended 31st March, 2011)These financial statements have been prepared on an accrual basis and under historical cost convention and in compliance, in allmaterial aspects, with the applicable accounting principles in India, the applicable accounting standards notified under Section 211(3C) and the relevant provisions of the Companies Act, 1956. The significant accounting policies adopted by the Company aredetailed below.I. RECOGNITION OF INCOME AND EXPENDITURE :

(i) Revenues/Incomes and Costs/Expenditure are generally accounted on accrual, as they are earned or incurred.(ii) Sale of Goods is recognised on transfer of significant risks and rewards of ownership which is generally on the dispatch of goods.

II. USE OF ESTIMATES :The preparation of financial statements in conformity with generally accepted accounting principles requires estimates andassumptions to be made that affect the reported amounts of assets and liabilities on the date of the financial statements and thereported amounts of revenues and expenses during the reporting period. Differences between actual results and estimates arerecognised in the period in which the results are known/materialised.

III. FIXED ASSETS :Fixed Assets (other than livestock) are stated at cost, less accumulated depreciation (other than ‘Freehold Land’ where nodepreciation is charged). Cost comprises the purchase price, including duties and other non-refundable taxes on levies., anydirectly attributable cost of bringing the asset to its working condition and indirect costs specifically attributable to construction ofa project or to the acquisition of a fixed asset. Livestock are stated at Book Value. Assets retired from active use are carried at lowerof book value and estimated net realisable value.

IV. METHOD OF DEPRECIATION AND AMORTISATION :(i) Depreciation on Factory Buildings, Plant and Machinery, Electrical Installations and Equipment and Aircraft is provided on the

Straight Line Method (S.L.M.) by writing off 95% of the cost of the assets over the ‘Specified Period’ of the assets in accordancewith the provisions of Section 205(2)(b) of the Companies Act, 1956;

(ii) Depreciation on other Fixed Assets (other than ‘Land’ and ‘Livestock’ where no depreciation is provided), is provided on the“Written Down Value Method” (W.D.V.) at the rates specified in Schedule XIV to the Companies Act, 1956 from time to time;

(iii) Depreciation on all assets referred to in (i) above, acquired upto 31st March, 1987, is provided at the rates of depreciationprevalent at the time of acquisition of the assets, in pursuance of Circular No. 1 of 1986, (1.1/86-CL-V) dated 21st May, 1986,issued by the Company Law Board;

(iv) Depreciation on additions to Fixed Assets after 1st April, 1987 is provided at the relevant rates of depreciation in respect ofS.L.M. and W.D.V., as specified in Schedule XIV to the Companies Act, 1956 from time to time;

(v) Depreciation on additions to assets or on sale/discardment of assets, is calculated pro rata from the month of such additionor upto the month of such sale/discardment, as the case may be;

(vi) Cost of Technical Know-how capitalised is amortised over a period of six years thereof.(vii) Cost of Customised Software capitalised is amortised over a period of three years(viii) Cost of Leasehold Land is amortised over the period of lease.

V. INVESTMENTS :Investments are classified into Current and Long-term Investments. Current Investments are stated at lower of cost and fair value.Long-term Investments are stated at cost. A provision for diminution is made to recognise a decline, other than temporary, in thevalue of Long-term Investments. However, fixed income long term securities are stated at cost, less amortisation of premium/discount and provision for diminution to recognise a decline, other than temporary.

VI. VALUATION OF INVENTORIES :Inventories of Raw Materials, Goods-in-Process, Stores and spares, Finished Goods and Merchanting Goods are stated ‘at cost ornet realisable value, whichever is lower’. Goods-in-Transit are stated ‘at cost’. Cost comprise all cost of purchase, cost of conversionand other costs incurred in bringing the inventories to their present location and condition. The excise duty in respect of closinginventory of finished goods is included as part of finished goods. Cost formulae used are ‘First-in-First-out’, ‘Weighted Average cost’or ‘Specific identification’, as applicable. Due allowance is estimated and made for defective and obsolete items, wherevernecessary, based on the past experience of the Company.

VII. FOREIGN CURRENCY TRANSLATIONS :(i) All transactions in foreign currency, are recorded at the rates of exchange prevailing on the dates when the relevant

transactions take place;(ii) Monetary items in the form of Loans, Current Assets and Current Liabilities in foreign currency, outstanding at the close of the

year, are converted in Indian Currency at the appropriate rates of exchange prevailing on the date of the Balance Sheet.Resultant gain or loss is accounted during the year;

(iii) In respect of Forward Exchange contracts entered into to hedge foreign currency risks, the difference between the forwardrate and exchange rate at the inception of the contract is recognized as income or expense over the life of the contract.Further, the exchange differences arising on such contracts are recognised as income or expense along with the exchangedifferences on the underlying assets / liabilities. Further, in case of other contracts with committed exchange rates, theunderlying is accounted at the rate so committed. Profit or loss on cancellations / renewals of forward contracts is recognisedduring the year. In case of option contracts, the losses are accounted on mark to market basis.

60

VIII. RESEARCH AND DEVELOPMENT :Revenue expenditure, including overheads on Research and Development, is charged out as an expense through the naturalheads of account in the year in which incurred. Expenditure which results in the creation of capital assets is taken as Fixed Assetsand depreciation is provided on such assets as are depreciable.

IX. EMPLOYEE BENEFITSDefined Contribution Plans such as Provident Fund etc., are charged to the Profit & Loss Account as incurred.Defined Benefit Plans - The present value of the obligation under such plan, is determined based on an actuarial valuation usingthe Projected Unit Credit Method. Actuarial gains and losses arising on such valuation are recognised immediately in the Profit &Loss Account. In case of funded defined benefit plans, the fair value of the plan assets is reduced from the gross obligation underthe defined benefit plans, to recognise the obligation on net basis. Further for certain employees, the monthly contribution forProvident Fund is made to a Trust administered by the Company. The interest payable by the Trust is notified by the Government.The Company has an obligation to make good the shortfall, if any.Other Long term Employee Benefits are recognised in the same manner as Defined Benefit Plans.Termination benefits are recognisedas and when incurred. However, the termination benefits which fall due more than twelve months after the Balance Sheet dateare discounted using the yield on Government Bonds.

X. PROJECT DEVELOPMENT EXPENSES PENDING ADJUSTMENT :Expenditure incurred during developmental and preliminary stages of the Company’s new projects, are carried forward. However,if any project is abandoned, the expenditure relevant to such project is written off through the natural heads of expenses in theyear in which it is so abandoned.

XI. BORROWING COSTS :Interest and other borrowing costs attributable to qualifying assets are capitalised. Other interest and borrowing costs are charged to revenue.

XII. GOVERNMENT GRANTS:Grants received against specific fixed assets are adjusted to the cost of the assets and those in the nature of promoter’scontribution are credited to Capital Reserve. Revenue Grants are recognised in the Profit and Loss Account in accordance withthe related scheme and in the period in which these are accrued.

XIII. PROVISIONSA provision is recognised when there is a present obligation as a result of a past event, that probably requires an outflow ofresources and a reliable estimate can be made to settle the amount of obligation. Provision is not discounted to its present valueand is determined based on the last estimate required to settle the obligation at the year end. These are reviewed at each yearend and adjusted to reflect the best current estimate.

XIV. APPLICATION OF SECURITIES PREMIUM ACCOUNT :Share and Debenture Issue expenses and Premium payable on redemption of Debentures, are charged, first against availablebalance in Securities Premium Account.

XV. TAXATION :Income-tax expense comprises current tax and deferred tax charge or credit. Provision for current tax is made on the basis of theassessable income at the tax rate applicable to the relevant assessment year. The deferred tax asset and deferred tax liability iscalculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date.Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, arerecognised, only if there is a virtual certainty of its realisation, supported by convincing evidence. Deferred tax assets on accountof other timing differences are recognised only to the extent there is a reasonable certainty of its realisation. At each BalanceSheet date, the carrying amount of deferred tax assets are reviewed to reassure realisation.

XVI. IMPAIRMENT OF ASSETS:The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based oninternal/external factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. Animpairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. An impairment lossrecognised in prior accounting periods is reversed if there has been change in the estimate of the recoverable amount.

RESEARCH AND DEVELOPMENT EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2011(Rs. in lacs)

MaterialsStores, spares and chemicals consumed 0.15

PersonnelWages, salaries, bonus, etc. 22.35Contribution to Provident and other Funds 1.57

23.92Other Expenditure

Repairs and maintenance, conveyance, travelling, car expenses, etc. 0.11Miscellaneous expenses 0.07

0.18Depreciation 0.04

Total 24.29

This information is given pursuant to the recognition granted to the Company’s Research & Development Laboratory at Jekegram,Thane by the Department of Scientific & Industrial Research, Ministry of Science & Technology, Government of India, vide their letter No.2(109)/2008/RDI/2005 dated 6th June, 2008, which is valid upto 31st March, 2011.

61

ADDITIONAL INFORMATION AS REQUIRED UNDER PART IV OF SCHEDULE VI TO THE COMPANIES ACT, 1956BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE

I. REGISTRATION DETAILS

Registration No. 1 2 0 8 State Code 1 1

Balance Sheet Date 3 1 . 0 3 . 1 1

II. CAPITAL RAISED DURING THE YEAR (AMOUNT IN RS. THOUSANDS)

Public Issue N I L Rights Issue N I L

Bonus Issue N I L Private Placement N I L

III. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (AMOUNT IN RS. THOUSANDS)

Total Liabilities 2 3 2 2 8 3 7 5 Total Assets 2 3 2 2 8 3 7 5

SOURCES OF FUNDS APPLICATION OF FUNDS

Paid-up Capital 6 1 3 8 0 8 Net Fixed Assets 9 5 9 7 1 8 1

Reserves & Surplus 1 0 0 4 2 0 4 1 Investments 7 4 0 1 2 5 7

Secured Loans 8 4 8 7 1 4 6 Net Current Assets 5 9 5 1 6 1 0

Unsecured Loans 4 0 8 5 3 8 0 Deferred Tax Asset 2 7 8 3 2 7

Deferred Tax Liability N I L Misc. Expenditure N I L

Accumulated Losses N I L

IV. PERFORMANCE OF COMPANY (AMOUNT IN RS. THOUSANDS)

Turnover 1 5 7 2 6 9 9 7 Total Expenditure 1 7 2 5 7 3 6 4

Loss Before Tax 1 5 2 6 5 3 7 Loss After Tax 1 0 4 8 7 0 7

Earning per Share in Rs. - 1 6 . 3 2 Dividend % 1 0

V. GENERIC NAMES OF PRINCIPAL PRODUCTS/SERVICES OF THE COMPANY (AS PER MONETARY TERMS)

ITEM CODE NO. (ITC CODE) PRODUCT DESCRIPTION

51121900, 51123000, 55151300 & 55151100 Woollen, Polyester/Wool Blended and Polyester/

Viscose Blended Fabrics

N.A. Air Taxi Operations

62

CONSOLIDATED ACCOUNTS

63

AUDITOR’S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS OF RAYMOND LIMITED

The Board of Directors of Raymond Limited

1. We have audited the attached consolidated balance sheet of Raymond Limited (the “Company”) and its subsidiaries, its jointly controlledentities and associate companies; hereinafter referred to as the “Group” (refer Note 1 on Schedule 16 to the attached consolidated financialstatements) as at 31st March 2011, the related consolidated Profit and Loss Account and the consolidated Cash Flow Statement for the yearended on that date annexed thereto, which we have signed under reference to this report. These consolidated financial statements are theresponsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.We believe that our audit provides a reasonable basis for our opinion.

3. We did not audit the financial statements of (i) seven subsidiaries (including two foreign subsidiaries of an Indian Joint Venture of the Companyand one foreign subsidiary of an Indian subsidiary of the Company) and two jointly controlled entities included in the consolidated financialstatements, which constitute total assets of Rs 30,554 lacs and net assets of Rs 21,626 lacs as at 31st March 2011, total revenue of Rs. 43,032 lacs,net profit of Rs 2,336 lacs and net cash out flows amounting to Rs 1,008 lacs for the year then ended; and (ii) three associate companies whichconstitute net profit of Rs 1,242 lacs for the year then ended. These financial statements and other financial information have been audited byother auditors whose reports have been furnished to us, and our opinion on the consolidated financial statements to the extent they have beenderived from such financial statements is based solely on the report of such other auditors.

4. We also did not audit the financial statements of (i) two other foreign subsidiaries included in the consolidated financial statements, whichconstitute total assets of Rs. 3,042 lacs and net assets of Rs. 2,766 lacs as at March 31, 2011, total revenue of Rs. 1,589 lacs, net profit of Rs. 226 lacsand net decrease in the cash flow of Rs. 78 lacs for the year then ended and (ii) an associate which constitute net profit of Rs. 115 lacs for theyear then ended. These financial statements have been audited as at 31st December, 2010 by other auditors, whose reports have been furnishedto us. However, since these financial statements, which were compiled by the management of these companies, for the financial year ended31st March, 2011, were not audited, any adjustments to their balances could have consequential effect on the attached consolidated financialstatements. However, the size of these subsidiaries and the associate, in the consolidated position, is not significant in relative terms.

5. We report that the consolidated financial statements have been prepared by the Company’s Management in accordance with the requirementsof Accounting Standard (AS) 21 - Consolidated Financial Statements, Accounting Standard (AS) 23 - Accounting for Investments in Associates inConsolidated Financial Statements, and Accounting Standard (AS) 27 - Financial Reporting of Interests in Joint Ventures notified under subsection3C of Section 211 of the Companies Act, 1956.

6. Based on our audit and on consideration of reports of other auditor(s) on separate financial statements and on the other financial information ofthe component(s) of the Group as referred to above, and to the best of our information and according to the explanations given to us, in ouropinion, the attached consolidated financial statements give a true and fair view in conformity with the accounting principles generallyaccepted in India:

(a) in the case of the consolidated Balance Sheet, of the state of affairs of the Group as at 31st March, 2011;

(b) in the case of the consolidated Profit and Loss Account, of the profit of the Group for the year ended on that date; and

(c) in the case of the consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on that date.

For Dalal & ShahFirm Registration Number: 102021W

Chartered Accountants

S. VenkateshPartner

Place: Mumbai Membership Number: F-037942Date: 21st April, 2011

64

CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2011

As per our Report of even date

For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIAFirm Registration Number 102021W President-Finance & Chairman and Managing DirectorChartered Accountants Chief Financial Officer

S. Venkatesh THOMAS FERNANDES P. K. BHANDARIPartner Director-Secretarial & DirectorMembership No. F-037942 Company Secretary

Mumbai, 21st April, 2011 Mumbai, 21st April, 2011

Consoli- Share in Total as at Consoli- Share in Total as atSchedule dated with Joint 31.03.2011 dated with Joint 31.03.2010

No. subsidiaries Ventures (Rs. in lacs) subsidiaries Ventures (Rs. in lacs)

SOURCES OF FUNDS:Shareholders’ Funds:

Share Capital 1 6138.08 — 6138.08 6138.08 — 6138.08Reserves and Surplus 2 143975.78 (28096.60) 115879.18 143920.26 (32470.90) 111449.36

150113.86 (28096.60) 122017.26 150058.34 (32470.90) 117587.44

Loan Funds: 3Secured Loans 102116.27 18897.00 121013.27 96282.38 21286.88 117569.26Unsecured Loans 41432.02 888.78 42320.80 50172.76 1466.10 51638.86

143548.29 19785.78 163334.07 146455.14 22752.98 169208.12Deferred Tax Liability (Net) — — — 1700.47 418.12 2118.59

(Refer Note No.6)Minority Interest 766.51 — 766.51 734.09 — 734.09

TOTAL 286117.84 289648.24

APPLICATION OF FUNDS:Fixed Assets: 4Gross Block 218676.14 34061.67 252737.81 216792.77 35465.09 252257.86Less: Depreciation, Amortisation and Impairment 105402.47 14384.64 119787.11 94048.54 11826.43 105874.97

Net Block 113273.67 19677.03 132950.70 122744.23 23638.66 146382.89Less: Unrealised Profit 1757.14 2349.27 4106.41 1984.33 2789.71 4774.04Capital work-in-progress 11926.40 422.11 12348.51 6124.82 166.10 6290.92

123442.93 17749.87 141192.80 126884.72 21015.05 147899.77Investments 5 49949.84 — 49949.84 62965.89 — 62965.89Deferred Tax Asset (Net) 3436.32 (462.84) 2973.48 — — —

(Refer Note No.6)

Current Assets, Loans and Advances: 6Inventories 66771.71 9753.99 76525.70 49905.96 6340.92 56246.88Sundry Debtors 43332.60 7539.23 50871.83 38896.82 6200.95 45097.77Cash and Bank Balances 4295.60 491.25 4786.85 5479.51 1587.89 7067.40Other Current Assets 7019.45 2008.82 9028.27 5741.21 1791.28 7532.49Loans and Advances 23925.59 1647.14 25572.73 22041.10 1871.71 23912.81

145344.95 21440.43 166785.38 122064.60 17792.75 139857.35

Less:Current Liabilities and Provisions: 7

Current Liabilities 61203.40 7343.29 68546.69 42944.42 7219.99 50164.41Provisions 5071.70 1165.27 6236.97 6386.95 4523.41 10910.36

66275.10 8508.56 74783.66 49331.37 11743.40 61074.77

Net Current Assets 79069.85 12931.87 92001.72 72733.23 6049.35 78782.58

TOTAL 286117.84 289648.24

Notes forming part of the Accounts 16

65

As per our Report of even date

For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIAFirm Registration Number 102021W President-Finance & Chairman and Managing DirectorChartered Accountants Chief Financial Officer

S. Venkatesh THOMAS FERNANDES P. K. BHANDARIPartner Director-Secretarial & DirectorMembership No. F-037942 Company Secretary

Mumbai, 21st April, 2011 Mumbai, 21st April, 2011

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2011

Consoli- Share in Total Consoli- Share in Totaldated with Joint year ended dated with Joint year ended

Schedule subsidiaries Ventures 31.03.2011 subsidiaries Ventures 31.03.2010No. (Rs. in lacs) (Rs. in lacs)

INCOMESales, Services and Export Incentives 8 260025.76 43564.73 303590.49 216436.32 34346.54 250782.86Other Income 9 6958.73 462.37 7421.10 8964.66 858.41 9823.07

266984.49 44027.10 311011.59 225400.98 35204.95 260605.93

EXPENDITUREMaterial Costs 10 89724.40 22696.10 112420.50 65772.48 14533.15 80305.63Manufacturing and Operating Costs 11 41801.04 11877.26 53678.30 35016.70 9972.74 44989.44(Increase)/Decrease in finished and process stock 12 (9726.38) (1209.73) (10936.11) 5463.47 713.72 6177.19Employment Costs 13 42054.40 3518.58 45572.98 39585.15 3221.17 42806.32Administrative, Selling and General expenses 14 59372.13 2527.48 61899.61 49539.80 2811.19 52350.99Finance Charges 15 11056.84 1347.68 12404.52 11154.12 1775.47 12929.59Depreciation, Amortisation and Impairment 13452.03 2628.02 16080.05 14743.64 2910.19 17653.83

247734.46 43385.39 291119.85 221275.36 35937.63 257212.99

Less: Stock of Subsidiary under Liquidation — — — (925.67) — (925.67)

247734.46 43385.39 291119.85 220349.69 35937.63 256287.32

PROFIT FOR THE YEAR BEFORE EXCEPTIONAL ITEMS 19250.03 641.71 19891.74 5051.29 (732.68) 4318.61EXCEPTIONAL ITEMS (Refer Note 5) (24555.16) 4033.81 (20521.35) (4836.72) (3411.59) (8248.31)

PROFIT/(LOSS) FOR THE YEAR BEFORE TAX (5305.13) 4675.52 (629.61) 214.57 (4144.27) (3929.70)Provision for Income Tax :- Current Tax (Net of MAT credit) 439.39 105.81 545.20 1617.69 0.05 1617.74- Deferred Tax charge/(credit) (5136.79) 44.72 (5092.07) (916.63) 280.97 (635.66)Provision for Wealth Tax 111.46 1.40 112.86 101.30 1.80 103.10

PROFIT/(LOSS) FOR THE YEAR AFTER TAX (719.19) 4523.59 3804.40 (587.79) (4427.09) (5014.88)Share of profit in Associate Companies 1242.39 — 1242.39 679.35 — 679.35Minority Interest (126.45) — (126.45) (60.95) — (60.95)

396.75 4523.59 4920.34 30.61 (4427.09) (4396.48)Prior period adjustments (net)(Refer Note 4) (65.21) 3.55 (61.66) (148.29) (28.79) (177.08)Excess/(Short) provision for tax 517.44 0.52 517.96 (21.09) — (21.09)

PROFIT/(LOSS) FOR THE YEAR 848.98 4527.66 5376.64 (138.77) (4455.88) (4594.65)Balance brought forward 30907.17 (37745.27) (6838.10) 31725.29 (33289.39) (1564.10)

BALANCE AVAILABLE FOR APPROPRIATION 31756.15 (33217.61) (1461.46) 31586.52 (37745.27) (6158.75)

Capital Redemption Reserve 398.00 — 398.00 — — —Share of Retained Earnings in Associate Companies 1234.47 — 1234.47 671.25 — 671.25Proposed dividend 613.81 — 613.81 — — —Tax on proposed dividend 99.58 — 99.58 — — —Share of tax on dividend of Associates 7.92 — 7.92 8.10 — 8.10

2353.78 — 2353.78 679.35 — 679.35

Balance carried to Balance Sheet 29402.37 (33217.61) (3815.24) 30907.17 (37745.27) (6838.10)

Disclosure for Discontinuing OperationsSubsidiaries of Raymond UCO Denim Pvt . Ltd.- Pre tax loss from ordinary activity — (3537.69)

Add/Less: Tax thereon — —

— (3537.69)- Pre tax loss on disposal of assets/settelment of liabilities 3643.18 —

Add/(Less): Tax thereon — —

3643.18 —

Total 3643.18 (3537.69)Weighted average number of Equity Shares outstanding during the year 6,13,80,853 6,13,80,853Basic and diluted earnings per share including exceptional items (in Rs.)(Refer Note 16) 8.75 (7.50)Basic and diluted earnings per share excluding exceptional items(net of tax) (in Rs.) (Refer Note 16) 29.16 3.91Notes forming part of the Accounts 16

66

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2011Year Ended Year Ended

31st March, 2011 31st March, 2010(Rs. in lacs) (Rs. in lacs)

A. Cash Flow arising from Operating Activities:Net Profit before Tax and Exceptional Items as per Profit and Loss Account 19891.74 4318.61

Add/(Deduct):a) Provision for Doubtful Debts/Bad Debts, Advances/claims and

investment written off 130.17 333.57b) Provision no longer requird (599.72) (2147.21)c) Credit balance appropriated (80.41) (142.22)d) Provision for Diminution in value of Current Investment 73.98 —e) Depreciation and Amortisation Charge 16080.05 17653.83f) Depreciation and Amortisation Charge (on dilution of control) — 2750.83g) Finance Charges and (Gain)/Loss on variation in

Foreign Exchange rates on Loans 12375.92 9536.43h) Interest Income (1677.80) (1961.06)i) Dividend Income (1561.94) (165.58)j) Surplus on sale of Investments (1017.39) (1881.18)k) Transferred from Reserve (408.52) —l) (Gain)/Loss on sale of Assets (Net) (377.24) 402.60

22937.10 24380.01

Operating Cash Profit before Working Capital Changes 42828.84 28698.62

Add/(Deduct):a) Increase/(Decrease) in Trade Payable 9552.58 (1854.86)b) (Increase)/Decrease in Trade and Other Receivables (6321.74) 1721.26c) (Increase)/Decrease in Inventories (20397.64) 2427.91

(17166.80) 2294.31

Cash Inflow from Operations 25662.04 30992.93

Deduct:Direct Taxes/Refunds (Net) (2994.31) (2595.35)

Cash Inflow before Prior Period Adjustments 22667.73 28397.58Add/Deduct: Prior Period adjustments (61.66) (156.55)

Net Cash Inflow in the course of Operating Activities 22606.07 28241.03Deduct: Voluntary Retirement Compensation/Exceptional Items 16714.35 3508.39

Net Cash Inflow in the course of Operating Activities after Exceptional Items 5891.72 24732.64

B. Cash Flow arising from Investing Activities:Inflow:a) Sale of Fixed Assets 3873.34 3475.84b) Interest Received 1690.79 1861.28c) Dividend Received 1561.94 165.58d) Sale of Investments (Net) 15193.93 1930.04

22320.00 7432.74

22320.00 7432.74Outflow:a) Acquisition of Fixed Assets 13794.85 11839.06b) Acquisition of Minority Interest 94.02 0.42

13888.87 11839.48

Net Cash (Outflow) in the course of Investing Activities 8431.13 (4406.74)

C. Cash Flow arising from Financing Activities:Inflow:a) Proceeds from other borrowings (Net) 8595.07 —

8595.07 —Outflow:a) Repayment of Term Loans 12853.34 5997.96b) Proceeds from other Borrowings (Net) — 6225.01c) Finance Charges (Net) 12521.55 9557.41

25374.89 21780.38

Net Cash Inflow in the course of Financing Activities (16779.82) (21780.38)

D. Change in Currency Fluctuation Reserve arising on consolidation 183.01 280.30

Net Increase/(Decrease) in Cash/Cash Equivalents (A+B+C+D) (2273.96) (1174.18)Add: Balance at the beginning of the year 7067.40 8359.18

Balance at the time of dilusion of interest (6.59) (117.60)Cash/Cash Equivalents at the close of the year 4786.85 7067.40

As per our Report of even date

For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIAFirm Registration Number 102021W President-Finance & Chairman and Managing DirectorChartered Accountants Chief Financial Officer

S. Venkatesh THOMAS FERNANDES P. K. BHANDARIPartner Director-Secretarial & DirectorMembership No. F-037942 Company Secretary

Mumbai, 21st April, 2011 Mumbai, 21st April, 2011

67

Total as at Total as at31.03.2011 31.03.2010

(Rs. in lacs) (Rs. in lacs)

SCHEDULE 1 - SHARE CAPITAL

Authorised:

10,00,00,000 Equity Shares of Rs.10 each 10000.00 10000.00

10000.00 10000.00

Issued and Subscribed :6,13,80,853 Equity Shares of Rs.10 each, fully paid-up 6138.08 6138.08

Per Balance Sheet 6138.08 6138.08

SCHEDULE 2 - RESERVES AND SURPLUS Consolidated Share in Total as at Consolidated Share in Total as atwith subsidiaries Joint Ventures 31.03.2011 with subsidiaries Joint Ventures 31.03.2010

(Rs. in lacs) (Rs. in lacs)

(a) Capital Reserve

Balance as per last account 2611.95 0.79 2612.74 25.00 250.79 275.79

Add/(Less): Arising from conversion of (500.00) — (500.00) 500.00 (250.00) 250.00joint venture to a subsidiary

Add: Share Warrants forefeited — — — 2086.95 — 2086.95

Add: Arising from the amalgamation 92.34 — 92.34 — — —

2204.29 0.79 2205.08 2611.95 0.79 2612.74

(b) Legal Reserve:

Balance as per last account 7.22 2.29 9.51 8.22 2.29 10.51

Less: Reserves on Liquidation of subsidiary — (0.86) (0.86) (1.00) — (1.00)

7.22 1.43 8.65 7.22 2.29 9.51

(c) Securities Premium Account

Balance as per last account 14778.55 4358.53 19137.08 14778.55 4358.53 19137.08

(d) Capital Redemption Reserve

Balance as per last account 1521.51 — 1521.51 1521.51 — 1521.51

Add: Transfer from Profit and Loss Account 398.00 — 398.00 — — —

1919.51 — 1919.51 1521.51 — 1521.51

(e) General Reserve:

Balance as per last account 89518.50 — 89518.50 89518.50 — 89518.50

Add/(Less) : Profit and Loss Account 29402.37 (33217.61) (3815.24) 30907.17 (37745.27) (6838.10)

118920.87 (33217.61) 85703.26 120425.67 (37745.27) 82680.40

(f) Currency Fluctuation Reserve - on Consolidation

Balance as per last account 802.46 912.76 1715.22 1118.56 316.36 1434.92

Add/(Less) : During the year 335.51 (152.50) 183.01 (316.10) 596.40 280.30

1137.97 760.26 1898.23 802.46 912.76 1715.22

(g) Share of Retained Earnings in Associates: 5007.37 — 5007.37 3772.90 — 3772.90

(Movement during the year Refer Note 15)

Per Balance Sheet 143975.78 (28096.60) 115879.18 143920.26 (32470.90) 111449.36

SCHEDULES ‘1’ TO ‘16’ FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED31ST MARCH, 2011

68

Consolidated Share in Total as at Consolidated Share in Total as atwith subsidiaries Joint Ventures 31.03.2011 with subsidiaries Joint Ventures 31.03.2010

(Rs. in lacs) (Rs. in lacs)SCHEDULE 3 - LOAN FUNDS

(a) Secured Loans:

Term Loans:

Term Loans from Banks 59838.84 12512.04 72350.88 70075.79 15002.01 85077.80Interest accrued thereon 27.82 — 27.82 36.48 — 36.48Partly Secured Term Loan 15000.00 — 15000.00 15000.00 — 15000.00

74866.66 12512.04 87378.70 85112.27 15002.01 100114.28Working capital loans from banks 26143.50 6384.96 32528.46 9231.06 6284.87 15515.93Interest accrued thereon — — — 50.44 — 50.44

26143.50 6384.96 32528.46 9281.50 6284.87 15566.37Buyer’s Credit Loan 1106.11 — 1106.11 1888.61 — 1888.61

Total - Secured Loans 102116.27 18897.00 121013.27 96282.38 21286.88 117569.26

(b) Unsecured Loans:Foreign Currency Loans from Banks 38353.80 — 38353.80 39575.24 — 39575.24From Joint Venture Partners (Long Term) — 446.16 446.16 — 958.26 958.26Other Borrowings:Sales Tax Deferment Loan — — — 597.52 — 597.52Others 3078.22 442.62 3520.84 10000.00 507.84 10507.84

3078.22 442.62 3520.84 10597.52 507.84 11105.36Total - Unsecured Loans 41432.02 888.78 42320.80 50172.76 1466.10 51638.86

Per Balance Sheet 143548.29 19785.78 163334.07 146455.14 22752.98 169208.12

SCHEDULE 4 - FIXED ASSETS (NET BLOCK)

(Rs. in Lacs)

GROSS BLOCK DEPRECIATION/ NET BLOCK NET BLOCKAMORTISATION/

IMPAIRMENT

Balance Balance Upto Upto As at As at As at As at31.03.2011 31.03.2011 31.03.2011 31.03.2011 31.03.2011 31.03.2011 31.03.2010 31.03.2010

Consoli- Share in Consoli- Share in Consoli- Share in Consoli- Share indated with Joint dated with Joint dated with Joint dated with Jointsubsidiaries Ventures subsidiaries Ventures subsidiaries Ventures subsidiaries Ventures

A. Assets

Goodwill on Consolidation 1000.40 1606.31 499.56 1085.56 500.84 520.75 598.36 681.38

Land -

Freehold 3810.21 5.76 — — 3810.21 5.76 3891.01 10.96

Leasehold 2184.97 268.58 55.62 13.91 2129.35 254.67 1302.66 257.59

Buildings 29721.78 5255.00 8168.35 907.15 21553.43 4347.85 22833.25 4860.16

Improvements to Leasehold Premises 3676.46 — 3082.24 — 594.22 — 1032.68 —

Plant and Machinery, Electrical Installations and Equipments 148441.72 26537.52 78777.67 12137.65 69664.05 14399.87 76795.27 17659.14

Furniture, Fixtures and Office Equipments 8486.89 317.20 5011.32 196.74 3475.57 120.46 3355.04 128.68

Livestock (at book value) 3.77 — — — 3.77 — 6.60 —

Vehicles 2190.86 70.14 1513.73 42.69 677.13 27.45 725.72 40.75

Boats and Water Equipments 7328.72 — 3523.77 — 3804.95 — 4459.79 —

Aircraft 9551.14 — 2752.04 — 6799.10 — 7411.07 —

Intangible Assets :

Software 2261.67 1.16 2000.62 0.94 261.05 0.22 332.78 —

Technical Knowhow 17.55 — 17.55 — — — — —

Per Balance Sheet 218676.14 34061.67 105402.47 14384.64 113273.67 19677.03 122744.23 23638.66

Previous year’s Total 216792.77 35465.09 94048.54 11826.43 122744.23 23638.66 — —

Less : Unrealised Profit 1757.14 2349.27 1984.33 2789.71

B. Capital work-in-progress 11926.40 422.11 6124.82 166.10

69

Consolidated Share in Total as at Consolidated Share in Total as atwith subsidiaries Joint Ventures 31.03.2011 with subsidiaries Joint Ventures 31.03.2010

(Rs. in lacs) (Rs. in lacs)SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE)(fully paid up unless otherwise specified)

I. LONG TERM INVESTMENTS

A. Investments in Government Securities 0.27 — 0.27 0.27 — 0.27

B. Non-Trade Investments

Shares (Unquoted) 5845.78 — 5845.78 4534.31 — 4534.31

Less: Provision for diminution in value of Investments (281.53) — (281.53) (281.53) — (281.53)

5564.25 — 5564.25 4252.78 — 4252.78

C. Non-Trade Investments

Shares (Quoted) 13.81 — 13.81 17.00 — 17.00

D. Non-Trade Investments

Quoted Debentures 3400.00 — 3400.00 — — —

Unquoted Debentures 761.65 — 761.65 536.65 — 536.65

.E. Mutual Fund (Unquoted):

Investment in mutual fund-FMP (Growth) 318.41 — 318.41 25.41 — 25.41

F. Venture Capital Funds

Investments in ventures Capital Fund 2654.68 — 2654.68 2956.69 — 2956.69

G. Others 645.29 — 645.29 296.59 — 296.59

Total - Long Term Investments 13358.36 — 13358.36 8085.39 — 8085.39

II. CURRENT INVESTMENTS

A. Dividend Option Units 31548.54 — 31548.54 802.84 — 802.84

B. Growth Option Units 603.59 — 603.59 50406.26 — 50406.26

C. Equity Shares (Quoted) 4125.49 — 4125.49 3358.51 — 3358.51

D. Equity Shares (Unquoted) 25.02 — 25.02 — — —

E. Preference Shares 72.68 — 72.68 53.01 — 53.01

F. Bonds — — — 355.12 — 355.12

G. Unquoted Debenture 488.62 — 488.62 — — —

Less: Provision for diminution in value ofCurrent Investments (Unquoted) — — — (4.44) — (4.44)

Less: Provision for diminution in value ofCurrent Investments (Quoted) (272.46) — (272.46) (203.30) — (203.30)

Total - Current Investments 36591.48 — 36591.48 54768.00 — 54768.00

49949.84 — 49949.84 62853.39 — 62853.39

III. APPLICATION MONEY PENDING ALLOTMENTDebenture Application Money — — — 112.50 — 112.50

— — — 112.50 — 112.50

Per Balance Sheet 49949.84 — 49949.84 62965.89 — 62965.89

Book Value

Aggregate of Quoted Investments (Net) 7266.84 — 7266.84 3172.21 — 3172.21

Aggregate of Unquoted Investments (Net) 42683.00 — 42683.00 59793.68 — 59793.68

Total Investment excluding Application Money Pending Allotment 49949.84 — 49949.84 62965.89 — 62965.89

Market ValueAggregate of Quoted Investments 8228.17 — 8228.17 4167.19 — 4167.19

70

Consolidated Share in Total as at Consolidated Share in Total as atwith subsidiaries Joint Ventures 31.03.2011 with subsidiaries Joint Ventures 31.03.2010

(Rs. in lacs) (Rs. in lacs)SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES(a) Inventories:

(i) Loose Tools 107.13 — 107.13 103.58 — 103.58(ii) Stores and Spare Parts 2635.55 788.30 3423.85 2423.16 692.07 3115.23(iii) Stock-in-Trade:

Raw Materials 12254.14 4513.19 16767.33 8309.21 2234.85 10544.06Goods-in-Process 14208.14 2782.72 16990.86 12461.37 2195.17 14656.54Finished Goods (including Merchanting Goods) 32258.10 1576.56 33834.66 24285.78 1066.31 25352.09

(iv) Accumulated cost on conversion contracts 351.02 — 351.02 169.45 — 169.45(v) Goods-in-Transit 4957.63 93.22 5050.85 2153.41 152.52 2305.93

66771.71 9753.99 76525.70 49905.96 6340.92 56246.88(b) Sundry Debtors :

(i) Debts outstanding for a period exceeding six monthsSecured (considered good) 172.01 — 172.01 516.94 — 516.94Unsecured -Considered good 3778.41 136.27 3914.68 2985.37 389.54 3374.91

3950.42 136.27 4086.69 3502.31 389.54 3891.85Considered doubtful 483.69 — 483.69 598.74 — 598.74Less: Provision (483.69) — (483.69) (598.74) — (598.74)

— — — — — —

3950.42 136.27 4086.69 3502.31 389.54 3891.85

(ii) Other Debts :Secured (considered good) 30246.66 — 30246.66 3314.92 — 3314.92Unsecured -Considered good 9135.52 7402.96 16538.48 32079.59 5811.41 37891.00Considered doubtful — 105.38 105.38 — 53.27 53.27Less: Provision — (105.38) (105.38) — (53.27) (53.27)

— — — — — —39382.18 7402.96 46785.14 35394.51 5811.41 41205.92

43332.60 7539.23 50871.83 38896.82 6200.95 45097.77

(c) Cash and Bank Balances:(i) Cash on hand (including cheques on hand) 263.51 10.71 274.22 233.93 14.29 248.22(ii) Balances with Banks

In Current Accounts (including remittances-in-transit) 3433.26 462.98 3896.24 2414.50 422.52 2837.02In Deposit Accounts 598.83 17.56 616.39 2831.08 1151.08 3982.16

4295.60 491.25 4786.85 5479.51 1587.89 7067.40(d) Other Current Assets:

(i) Export Incentives, etc. receivable 1582.74 426.52 2009.26 1067.94 363.04 1430.98(ii) Dividend, Interest Subsidy and Interest receivable

[including interest accrued on Investments Rs. Nil(Previous year Rs.8.57 lacs)] 2833.40 398.06 3231.46 2778.36 466.09 3244.45

(iii) MAT Credit Receivable 1917.19 254.52 2171.71 934.11 — 934.11(iv) Claims and Other receivables 686.12 259.97 946.09 960.80 285.05 1245.85(v) Assets held for disposal — 669.75 669.75 — 677.10 677.10

7019.45 2008.82 9028.27 5741.21 1791.28 7532.49

(e) Loans and Advances (Unsecured, considered good,unless otherwise specified):Loans and Advances to companies and others:Considered good 344.64 3.23 347.87 58.78 2.36 61.14Considered doubtful 1275.89 2192.37 3468.26 2084.54 2192.37 4276.91Less: Provision (1275.89) (2192.37) (3468.26) (2084.54) (2192.37) (4276.91)

344.64 3.23 347.87 58.78 2.36 61.14Advance Tax (Net of provision for tax) 4344.89 37.28 4382.17 2494.18 271.38 2765.56Advances recoverable in cash or in kind or for value to be received:Considered good 7245.51 1328.28 8573.79 7583.35 1474.88 9058.23Considered doubtful 2969.61 — 2969.61 25.70 — 25.70Less: Provision (2969.61) — (2969.61) (25.70) — (25.70)

7245.51 1328.28 8573.79 7583.35 1474.88 9058.23Balances with -

Customs, Excise, etc. 784.61 131.88 916.49 747.59 62.10 809.69Others: Considered Good 11205.94 146.47 11352.41 11157.20 60.99 11218.19Considered Doubtful — — — 100.00 — 100.00Less: Provision — — — (100.00) — (100.00)

11990.55 278.35 12268.90 11904.79 123.09 12027.88

23925.59 1647.14 25572.73 22041.10 1871.71 23912.81

Per Balance Sheet 145344.95 21440.43 166785.38 122064.60 17792.75 139857.35

71

Consolidated Share in Total Consolidated Share in Totalwith subsidiaries Joint Ventures as at with subsidiaries Joint Ventures as at

(Rs. in lacs) 31.03.2011 (Rs. in lacs) 31.03.2010

SCHEDULE 7 - CURRENT LIABILITIES AND PROVISIONS(a) Current Liabilities :

Sundry Creditors 37111.79 6939.78 44051.57 29366.25 6215.77 35582.02Advances against Sales 2089.07 76.78 2165.85 1155.14 20.54 1175.68Deposits from Dealers and Agents 7190.25 15.36 7205.61 6952.23 8.41 6960.64Credit balance in Current Account 671.26 — 671.26 811.35 96.16 907.51Other Liabilities (Refer Note - 8) 13260.40 222.38 13482.78 3651.54 771.77 4423.31Interest accrued but not due 880.63 88.99 969.62 1007.91 107.34 1115.25

61203.40 7343.29 68546.69 42944.42 7219.99 50164.41(b) Provisions :

For Proposed Dividend 613.81 — 613.81 — — —For Tax on Proposed Dividend 99.58 — 99.58 — — —For Employee Benefits 4132.38 155.79 4288.17 6204.70 798.29 7002.99For Excise Duties 217.48 25.89 243.37 179.53 76.45 255.98For obligations relating discontinued operation — 897.68 897.68 — 3424.77 3424.77For Others 8.45 85.91 94.36 2.72 223.90 226.62

5071.70 1165.27 6236.97 6386.95 4523.41 10910.36

Per Balance Sheet 66275.10 8508.56 74783.66 49331.37 11743.40 61074.77

SCHEDULE 8 - SALES, SERVICES AND EXPORT INCENTIVES(1) Gross Turnover (Net of usual trade discounts, allowances, etc.):

(a) Manufactured Goods (inclusive of sale of semi-finished goods) 229006.56 42095.83 271102.39 195221.05 32740.43 227961.48(b) Merchanting Goods 28412.77 537.56 28950.33 20574.60 1162.58 21737.18

257419.33 42633.39 300052.72 215795.65 33903.01 249698.66Less:Excise Duties 1944.60 82.65 2027.25 1628.06 396.55 2024.61Sales Returns 790.07 43.43 833.50 177.14 24.22 201.36Other discounts and allowances 1662.39 197.16 1859.55 2678.68 171.91 2850.59

4397.06 323.24 4720.30 4483.88 592.68 5076.56

Net Turnover 253022.27 42310.15 295332.42 211311.77 33310.33 244622.10(2) Commission 36.88 — 36.88 162.44 — 162.44(3) Income from Air Taxi Operations 915.65 — 915.65 697.48 — 697.48(4) Gross Income from Services 527.72 143.89 671.61 436.86 178.64 615.50(5) Income from Job work 1971.56 5.17 1976.73 1154.96 5.77 1160.73(6) Conducting Fees 640.00 — 640.00 741.55 — 741.55(7) Export Incentives, etc. 2911.68 1105.52 4017.20 1931.26 851.80 2783.06

Per Profit and Loss Account 260025.76 43564.73 303590.49 216436.32 34346.54 250782.86

SCHEDULE 9 - OTHER INCOMEDividends:

From Non-Trade Investments:- Current Investments 1487.60 — 1487.60 160.42 160.42- Long Term Investments 74.34 — 74.34 5.16 — 5.16

1561.94 — 1561.94 165.58 — 165.58Interest Income:- On Investments 246.66 — 246.66 191.40 — 191.40- Others 1337.93 93.21 1431.14 1682.80 86.86 1769.66

1584.59 93.21 1677.80 1874.20 86.86 1961.06Gain on variation in Foreign Exchange rates (Net):- On Loans 51.05 (22.45) 28.60 3170.95 222.21 3393.16- On Others 8.21 11.07 19.28 (2300.42) 63.78 (2236.64)

59.26 (11.38) 47.88 870.53 285.99 1156.52Profit on sale of Current Investments (Net) 881.80 — 881.80 1786.02 — 1786.02Profit on sale of Long-term Investments (Net) 135.59 — 135.59 95.16 — 95.16Surplus on sale/discardment of Fixed Assets (Net) 336.52 40.72 377.24 (387.60) (15.00) (402.60)Rent and Compensation 259.34 — 259.34 209.54 — 209.54Credit Balances appropriated (Net) 80.41 — 80.41 73.60 68.62 142.22Excess provisions written back (Net) 599.72 — 599.72 2025.74 121.47 2147.21Miscellaneous Income 1459.56 339.82 1799.38 2251.89 310.47 2562.36

Per Profit and Loss Account 6958.73 462.37 7421.10 8964.66 858.41 9823.07

SCHEDULE 10 - MATERIAL COSTS(1) Raw Materials consumed :

Opening Stock 8309.21 2234.85 10544.06 7680.35 998.48 8678.83Add: Purchases (Includes Purchase of Semi Finished Goods) 73552.69 25083.37 98636.06 52217.86 15808.10 68025.96

81861.90 27318.22 109180.12 59898.21 16806.58 76704.79

Less: Inventory of UCO Tesatura SRL upon 50% dilution — 37.86 37.86 — — —Less: Sales 504.21 74.21 578.42 1118.31 38.58 1156.89

81357.69 27206.15 108563.84 58779.90 16768.00 75547.90Less: Closing Stock 12254.14 4513.19 16767.33 8309.21 2234.85 10544.06

69103.55 22692.96 91796.51 50470.69 14533.15 65003.84(2) Purchases of Merchanting Goods 20620.85 3.14 20623.99 15301.79 — 15301.79

Per Profit and Loss Account 89724.40 22696.10 112420.50 65772.48 14533.15 80305.63

72

Consolidated Share in Total year Consolidated Share in Total yearwith subsidiaries Joint Ventures ended with subsidiaries Joint Ventures ended

(Rs. in lacs) 31.03.2011 (Rs. in lacs) 31.03.2010

SCHEDULE 11 - MANUFACTURING AND OPERATING COSTS

Stores and Spare Parts 12785.34 5544.93 18330.27 12273.35 4936.54 17209.89Power and Fuel 11994.09 3979.42 15973.51 11927.29 3459.86 15387.15Job Work Charges 10390.02 254.16 10644.18 5340.81 — 5340.81Repairs to Buildings 489.92 26.01 515.93 379.74 14.40 394.14Repairs to Machinery 1819.72 450.90 2270.62 1849.89 347.32 2197.21Other Manufacturing and Operating Expenses 4321.95 1621.84 5943.79 3245.62 1214.62 4460.24

Per Profit and Loss Account 41801.04 11877.26 53678.30 35016.70 9972.74 44989.44

SCHEDULE 12 - (INCREASE)/DECREASE IN FINISHED AND PROCESS STOCK

Opening Stock:Goods-in-Process 12461.37 2195.17 14656.54 10659.20 1938.11 12597.31On Joint Venture becoming Subsidiary — — — 208.23 (104.12) 104.11Accumulated cost on conversion contracts 169.45 — 169.45 190.55 — 190.55Finished Goods (including Merchanting Goods) 24285.78 1066.31 25352.09 31332.94 2200.71 33533.65

36916.60 3261.48 40178.08 42390.92 4034.70 46425.62Add/(Less): Inventory of discontinuing operation written down — — — — (84.97) (84.97)Add/(Less): Inventory of UCO Tesatura SRL upon 50% dilution — (47.80) (47.80) — — —Closing Stock:Goods-in-Process 14208.14 2782.72 16990.86 12461.37 2195.17 14656.54Finished Goods (including Merchanting Goods) 32258.10 1576.56 33834.66 24285.78 1066.31 25352.09Accumulated cost on conversion contracts 351.02 — 351.02 169.45 — 169.45

46817.26 4359.28 51176.54 36916.60 3261.48 40178.08

(Increase)/Decrease in Stocks (9900.66) (1145.60) (11046.26) 5474.32 688.25 6162.57Add/(Less): Variation in excise duty on opening andclosing stock of finished goods 174.28 (64.13) 110.15 (10.85) 25.47 14.62

Per Profit and Loss Account (9726.38) (1209.73) (10936.11) 5463.47 713.72 6177.19

SCHEDULE 13 - EMPLOYMENT COSTS

Salaries, Wages, Bonus, etc. 37686.69 3108.31 40795.00 35488.86 2866.85 38355.71Contribution to Provident and Other Funds 2284.10 181.12 2465.22 2317.50 133.28 2450.78Workmen and Staff Welfare Expenses 2083.61 229.15 2312.76 1778.79 221.04 1999.83

Per Profit and Loss Account 42054.40 3518.58 45572.98 39585.15 3221.17 42806.32

SCHEDULE 14 - ADMINISTRATIVE, SELLING AND GENERAL EXPENSES

Insurance (Net) 267.17 71.31 338.48 270.81 86.82 357.63Rent 10739.72 90.19 10829.91 10655.32 237.70 10893.02Lease Rentals 18.41 — 18.41 14.14 — 14.14Rates and Taxes 763.69 43.31 807.00 328.22 36.78 365.00Advertisement 13758.92 0.08 13759.00 9767.34 0.03 9767.37Commission to Selling Agents 8891.97 317.00 9208.97 6889.42 314.75 7204.17Freight, Octroi, etc. 3919.82 672.33 4592.15 2946.86 666.70 3613.56Bad Debts, Advances and Claims written off 41.44 — 41.44 924.11 12.28 936.39Less: Provision written back — — — (722.73) — (722.73)

41.44 — 41.44 201.38 12.28 213.66Provision for Doubtful Debts, Advances and Claims 33.83 54.90 88.73 105.76 14.15 119.91Miscellaneous Expenses 20800.30 1278.36 22078.66 18160.67 1441.98 19602.65Provision for diminution in value of Current Investments 73.98 — 73.98 — — —Contribution to Charitable Funds, etc. — — — 152.47 — 152.47Directors’ fees 62.88 — 62.88 47.41 — 47.41

Per Profit and Loss Account 59372.13 2527.48 61899.61 49539.80 2811.19 52350.99

SCHEDULE 15 - FINANCE CHARGES

Interest on Fixed Loans (Net) 8450.54 1303.32 9753.86 7382.58 1666.09 9048.67Interest - Others 2569.71 11.03 2580.74 3737.13 26.90 3764.03

11020.25 1314.35 12334.60 11119.71 1692.99 12812.70Commitment and other charges on Loans 36.59 33.33 69.92 34.41 82.48 116.89

Per Profit and Loss Account 11056.84 1347.68 12404.52 11154.12 1775.47 12929.59

73

SCHEDULE 16 - NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

1. The consolidated Financial Statements present the consolidated Accounts ofRaymond Limited with its following Subsidiaries, Joint Ventures (and its subsidiariesand Joint Ventures), Associates (it’s Subsidiaries and Joint Ventures) :

Name Country of Proportion ofIncorporation Ownership of Interest

As on 31st As on 31stMarch 2011 March 2010

A. SubsidiariesIndian Subsidiaries:(a) Raymond Apparel Limited

(formerly Solitaire Fashions Limited) India 100% 100%

(b) Pashmina Holdings Limited India 100% 100%

(c) Everblue Apparel Limited India 100% 100%

(d) JK Files (India) Limited India 100% 100%

(e) Colorplus Fashions Limited India * 100% * 100%

(f) Silver Spark Apparel Limited India 100% 100%

(g) Celebrations Apparel Limited India 100% 100%

(h) Scissors Engineering Products Limited India 100% 100%

(i) Ring Plus Aqua Limited India $90.37% $88.47%

(j) JK Talabot Limited India # 90% # 90%

(k) Raymond Woollen Outerwear Limited India 99.90% 99.90%

* Held by Raymond Apparel Limited$ Held by Scissors Engineering Products Limited# Held by JK Files (India) Limited

Foreign Subsidiaries:

(a) Jaykayorg AG Switzerland 100% 100%

(b) Raymond (Europe) Limited United Kingdom 100% 100%

(c) R&A Logistics Inc. United States of America * 100% * 100%

* Held by Ring Plus Aqua Limited

B. Joint Ventures and its subsidiaries and Joint Ventures

(a) Raymond Zambaiti Limited India 50% 50%

(b) Raymond UCO Denim Private Limited(and its subsidiaries and Joint Ventures) India 50% 50%

(c) Rose Engineered Products IndiaPrivate Limited India & 50% & 50%

(d) Rayves Automotive Textile CompanyPrivate Limited India # 33.33% # 33.33%& Held by Ring Plus Aqua Limited

(Subsidiary of Scissors EngineeringProducts Limited)

# Held by Silver Spark Apparel Limited

C. Associates and its Subsidiaries and Joint Ventures

(a) P.T. Jaykay Files Indonesia Indonesia $ 39.20% $ 39.20%

(b) J.K. Investo Trade (India) Limited India 47.66% 47.66%

(c) J.K. Helene Curtis Limited India + 100% + 100%

(d) J.K. Ansell Limited India + 50.00% + 50.00%

(e) Radha Krshna Films Limited India 29.41% 29.41%

$ Includes 15.20% equity shares held by Jaykayorg AG.

+ Held by J.K. Investo Trade (India) Limited

2. Significant Accounting Policies and Notes to these Consolidated FinancialStatements are intended to serve as a means of informative disclosure and aguide to better understanding the consolidated position of the Companies.Recognising this purpose, the Company has disclosed only such Policies andNotes from the individual financial statements, which fairly present the neededdisclosures.

31st March, 31st March,2011 2010

(Rs. in lacs) (Rs. in lacs)3. A. Contingent Liabilities not provided for:

(a) Claims against the Company notacknowledged as debts in respectof past disputed liabilities of theCement and Steel Divisions divestedduring the year 2000-2001, CardedWoollen business divested during theyear 2005-2006 and Denim Divisiondivested during the year 2006-07.(interest thereon not ascertainableat present). 2452.57 2535.88

(b) Claims against the Companies notacknowledged as debts 2872.99 2332.99

(c) Bills Discounted with the Company’sbankers. (including share of JointVentures Rs. 1777.85 Lacs ; PreviousYear Rs. 1080 lacs) 2496.67 2933.67

(d) On account of corporate guaranteeto the bankers, vendors on behalfof subsidiaries for facilities availed by

them. 6421.93 7371.85

(e) Disputed demand in respect ofIncome-tax etc. (interest thereon notascertainable at present.) 3111.12 2718.35

(f) Bonds/Undertakings given by theCompany under concessional duty/exemption scheme to Customsauthorities (including share of JointVentures Rs. 473.70 lacs; Previousyear Rs. 418.18 lacs.) 1653.27 11660.96

(g) Disputed liability towards Excise Dutyon Post Removal of Goods from theplace of manufacture. 2118.90 2118.90

(h) Disputed Excise Duty Liability inrespect of other matters. 2087.06 2378.16

{(Includes Rs. 645.10 Lacs (PreviousYear Rs. 645.10 Lacs) on account ofdenial of excise exemption benefit)(including share of joint ventureRs. 67.25 Lacs; Previous Year: Rs.1.35Lacs )}

(i) Liabil ity on account of jutepackaging obligation upto 30thJune, 1997, in respect of theCompany’s erstwhile CementDivision, under the Jute PackagingMaterials (Compulsory use inpacking Commodities) Act, 1987. Amount not determinable

(j) Company’s liabilities/obligationspertaining to the period upto thedate of transfer of the Company’serstwhile Steel, Cement, CardedWoollen and Denim Divisions inrespect of which the Company hasgiven undertaking to the acquirers. Amount not determinable

(k) Share in the Contingent Liabilities ofan Associate 623.50 678.66

B. Estimated amount of contractsremaining to be executed on capitalaccount and not provided for (net ofadvances) [including Rs. 12.39 lacs(Previous Year: Rs.0.09 lacs ) being sharein an Associate Company] [includingshare of Joint VenturesRs. 401.81 lacs (Previous Year:Rs. 215.94 lacs)] 6535.39 4801.51

C. The Company has, along with its JVpartner, pledged shareholding inRaymond UCO Denim Pr ivateLtd.(RUDPL) as security for a loan takenby a subsidiary of RUDPL to fund theemployee separation cost. TheCompany, along with the Joint VenturePartner, had also undertaken toadditionally fund RUDPL in case it fails tomeet certain covenants of the Facilitycum Hypothecation Agreement withBanks, which undertaking has beenreleased by the banks during the year.

4. Prior period adjustments represent:Debits relating to earlier years 91.28 223.01Credits relating to earlier years (30.45) (66.46)Depreciation/Amortisation adjustments (net) 0.83 20.53

61.66 177.08

5. Exceptional Items:

(a) VRS/Termination payments (Refer Note 8) (24555.16) (3752.68)(b) Provision for social obligation, impairment of

assets of subsidiaries of Raymond UCO DenimPrivate Ltd. a Joint Venture of the Company - (3537.69)

31st March, 31st March,2011 2010

(Rs. in lacs) (Rs. in lacs)

74

(c) Gain/(Loss) on Joint Venture becomingSubsidiaries (Net) - 115.09

(d) Net surplus on settlement with Bankers(Refer Note 10) by RUDPL 4474.19 -

(e) Net loss on diluation of 50% stake inUCO Tesatura SRL by RUDPL (Refer Note 9) (440.38) -

(f) Loss upon liquidation of a subsidiary (Regency) - (1084.04)(g) Profit on sale of investment in Joint Venture - 11.01

(20521.35) (8248.31)

As at As at As at31-3-2011 31-3-2010 31-3-2009

(Rs. in lacs) (Rs. in lacs) (Rs. in lacs)

6. Deferred Tax:

(a) Deferred Tax Liability on account of:Depreciation (net) 12,799.97 12,620.22 13,726.91

12,799.97 12,620.22 13,726.91

(b) Deferred Tax Asset on account of:(i) VRS payments 4,874.27 940.79 346.22(ii) Employee benefits 3,757.06 1,397.26 1,664.67(iii) Taxes, Duties, Cess, etc. 197.99 208.12 218.65(iv) Provision for doubtful debts, etc. 119.03 409.44 405.32(v) Provision for diminution in value of

investments - 0.98 7.42(vi) Unabsorbed depreciation and losses 6,550.04 7455.07 8,168.96(vii) Others 275.06 89.97 161.42

15,773.45 10,501.63 10,972.66

Deferred Tax Liability/(Asset) (Net) (2,973.48) 2,118.59 2,754.25

7. Variation between the Accounting Policies followed by various entities within thegroup:

Accounting for improvements to Leasehold Premises by Raymond Limited is invariation to the methods adopted by other entities in the group.

The impact of the above, in the opinion of the management, would not besignificant.

8. The Company has entered into agreements for a voluntary separation schemewith the Registered Workmen Union covering the workmen of its Thane Textileplant. All the workmen of the plant availed the scheme. Compensation andother cost relating to the separation amounting to Rs. 23767.61 lacs (Includingamounts payable on 22nd October 2013 at present value Rs.8749.60 lacs) hasbeen shown under exceptional item.

9. By an addendum to the Shareholder’s Agreement it has been agreed that UCOTesatura, Romania, a subsidiary of Raymond Uco Denim Private Limited (RUDPL)will become a 50:50 joint venture between RUDPL and UCO NV on fulfillment ofcertain obligations by UCO NV. UCO NV has fulfilled the obligations. Howeverformal transfer and allotment of shares is yet to be concluded. Pendingcompletion of formalities, UCO Tesatura has been considered as a Joint Venturebetween RUDPL and UCO NV.

10. (a) Further, in terms of the said Agreement UCO NV has negotiated a settlementwith ING Leasing. Pending execution of final sale agreement, effect of theterms of the settlement has been taken in the accounts. Accordingly, anamount of RON 1.71 Million (Rs. 245.49 Lacs) being excess over the settlementamount has been included in exceptional items in the Profit & Loss Accountby UCO Tesatura.

(b) Under the “Waiver and Partial Release Agreement” signed between RUDPLand the consortium of Banks , RUDPL has settled the obligations with EuropeanBankers for EURO 6 million, resulting in an exceptional gain. Further, an amountof US$ 1.5 Million has been deposited with KBC Bank in Belgium by RUDPL tomeet any shortfall in the realization of assets of UCO Fabrics. This amount,considering the realisable value of assets, has been charged by to Profit &Loss Account during the year.

11. The details of subsidiaries in terms of General circular No. 2/2011 Dated 8thFebruary, 2011 issued by Government of India, Ministry of Corporate Affairs underSection 212 (8) of the Companies Act, 1956, are disclosed in Annexure II to thesefinancial statements.

12. Subsidiaries of RUDPL, UCO Sportswear International NV and UCO Fabrics Inc,had discontinued their operations in 2008. The disclosures with respect to thesediscontinuing operations are as under:

2010-11 2009-10Subsidaries of Raymond Uco Denim Private LimitedTotal Assets at the close of the year 725.38 677.10Total Liabilities at the close of the year 1428.72 1926.39Revenue from ordinary activities - -Expenses from ordinary activities - -Loss from post closure activity of (USI) 459.70 (223.29)

Net Cash flows:Operating Activity - 215.20Investing Activity - 361.84Financing Activity - (587.43)

13. Related parties disclosures:

1. Relationships:(a) Joint Ventures:

Raymond Zambaiti LimitedGAS Apparel Ltd. (upto 30.09.2009)Rose Engineered Products India Pvt. LimitedRaymond UCO Denim Private LimitedRayves Automotive Textiles Co.Pvt. Limited

(b) Related parties where company has significant influence:J.K. Investo Trade (India) LimitedP. T. Jaykay Files IndonesiaJ.K. Helene Curtis LimitedJ.K. Ansell LimitedJ.K. Investors (Bombay) LimitedRadha Krshna Films Limited

(c) Key Management Personnel, their relatives and their enterprises wheretransactions have taken place:Dr. Vijaypat SinghaniaMrs. Asha Devi SinghaniaMr. Gautam Hari SinghaniaMr. Desh Deepak Khetrapal (upto 6th May 2010).Silver Soaps Private LimitedAvani Agricultural Farms Private Limited

Note: Related party relationship is as identified by the Company andrelied upon by the Auditors.

2. Transactions carried out with related parties referred in 1 above, in ordinarycourse of business:

(Rs. in lacs)

Related PartiesNature of transactions Referred in Referred in Referred in

1(a) above 1(b) above 1(c) aboveCurrent Previous Current Previous Current Previous

year year year year year year

Purchases:Goods and Materials 4646.53 3081.63 2313.55 1204.34 - -Fixed Assets 87.68 - - - - -

Sales:Goods and Materials 702.44 765.72 537.63 196.53 - -Fixed Assets - - 1.59 - - -

Expenses:Rent and other servicecharges 1.21 1.10 819.95 204.00 40.80 40.80

Job Work Charges 5.77 - - 615.91 - -Agency Commission - - 941.02 808.37 - -Remuneration - - - - 379.28 482.80Interest paid - - - 21.10 - -Professional Fees - - - - 132.36 132.36Directors’ Fees - - - - 1.80 2.00Other reimbursement 10.31 655.36 150.59 150.04 - -

Income:Rent and other servicecharges 19.81 17.87 19.21 67.10 - -

Interest and dividendreceived - 0.77 - - - -

Other Receipts:Deputation of staff 47.79 67.89 314.09 280.90 - -Other reimbursement 2927.52 1558.66 126.96 136.75 - -

Finance:Loans and Advancesgiven - - - - - -

Investments 2277.97 620.86 - - - -

Outstandings:Payable 1242.65 800.26 788.82 712.65 - 5.67Receivable 903.66 666.61 108.35 30.09 65.90 -Agency Depositsreceived - - 211.02 - - -

Loans and Advancesgiven 2,942.50 - - - - -

Property Deposits paid 1.00 1.00 - 2935.85 50.00 50.00Property Depositsreceived 1.00 1.00 2947.86 - - -

31st March, 31st March,2011 2010

(Rs. in lacs) (Rs. in lacs)

75

14. SEGMENT INFORMATION

A. BUSINESS SEGMENT(Rs. in lacs)

Particulars Textiles Garment Files Denim Auto Components Others Elimination Total

Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previousyear year year year year year year year year year year year year year year year

Segment RevenueExternal Revenue 146409.01 122679.88 85017.78 71356.06 25881.45 20796.95 32132.81 25719.11 13228.80 8740.54 920.64 1490.32 - - 303590.49 250782.86Inter-Segment Revenue 3558.53 2349.59 767.95 513.41 - 8.51 - - - - 188.39 61.90 (4514.87) (2933.41) - -Total Revenue 149967.54 125029.47 85785.73 71869.47 25881.45 20805.46 32132.81 25719.11 13228.80 8740.54 1109.03 1552.22 (4514.87) (2933.41) 303590.49 250782.86

Segment Result 26060.79 16322.59 9293.83 4987.69 3918.49 2805.77 1220.65 (123.17) 1675.11 714.76 (558.74) (2067.80) 13.18 74.35 41623.31 22714.19(Less): Minority Interest - - - - (14.35) (1.02) - - (112.10) (59.93) - - - - (126.45) (60.95)

26060.79 16322.59 9293.83 4987.69 3904.14 2804.75 1220.65 (123.17) 1563.01 654.83 (558.74) (2067.80) 13.18 74.35 41496.86 22653.24

Unallocated income/(expenses) (Net) (11066.51) (7604.12)Finance charges (12404.52) (12929.59)Interest Income 1677.80 1961.06Exceptional Items (20521.35) (8248.31)Excess/(Short) provision for

tax in respect of earlieryears 517.96 (21.09)

Provision for Taxes 4434.01 (1085.19)Share of Profit in Associate

Companies 1242.39 679.35

Net Profit 5376.64 (4594.65)

Other Information:Segment Assets 162812.97 148743.46 55958.38 54190.74 11381.68 10737.10 26197.00 26049.61 8926.71 7264.62 8986.50 9942.00 (12014.78) (1877.70) 262248.46 255049.83Unallocated assets 98653.04 95673.18

Total Assets 360901.50 350723.01

Segment Liabilities 44691.16 30392.10 10762.40 8749.95 4601.85 4688.90 7097.39 10557.99 2792.26 2046.53 265.66 251.68 (2205.32) (1904.18) 68005.40 54782.97Minority Interest - - - - 95.51 81.16 - - 671.00 652.93 - - - - 766.51 734.09Unallocated Liabilities 170112.33 177618.51

Total Liabilities 238884.24 233135.57

Capital ExpenditureSegment capital

expenditure 6232.74 2476.33 1321.53 1716.79 563.42 6175.47 1619.88 277.05 968.93 430.28 15.39 3.06 - - 10721.88 11078.98Unallocated capital

expenditure 3072.97 2226.42

Total capital expenditure 13794.85 13305.40

Depreciation and Amortisation:Segment depreciation and

amortisation 9009.46 9978.82 2765.78 2811.54 574.05 383.47 1791.87 2088.03 211.68 510.16 626.44 656.76 - - 14979.28 16428.78Unallocated depreciation

and amortisation 1100.77 1225.04

Total depreciation and amortisation 16080.05 17653.82

Significant Non Cash Expenditure:Segment Significant Non Cash

Expenditure 73.98 - 34.63 126.95 5.17 - - - - 26.48 - - - - 113.78 153.43Unallocated non cash expenditure - -

Total Significant Non CashExpenditure 113.78 153.43

B. GEOGRAPHICAL SEGMENT(Rs. in lacs)

Particulars India Rest of the world Total

Current year Previous Year Current year Previous Year Current year Previous Year

Segment Revenue 249127.85 199137.15 54462.64 51645.71 303590.49 250782.86Carrying cost of segment assets 250789.64 240309.67 11458.82 14740.16 262248.46 255049.83Additions to Fixed Assets and Intangible Assets 10721.88 11073.00 - 5.98 10721.88 11078.98

C. OTHER DISCLOSURES

1. Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17) taking into account the organisation structure as well as thedifferential risks and returns of these segments.

2. The Company has disclosed Business Segment as the primary segment.

3. Types of products and services in each business segment:

Business Segment Types of Products and services

a) Textiles - Fabric, rugs, blankets, shawls and furnishing fabric

b) Denim - Denim fabric and cotton yarn

c) Garments - Readymade garments and designerwear

d) Files and Tools - Engineers’ files and rasps, H.S.S. twist drills and bars and rods (HRS)

e) Auto Components - Starter Gear, Shaft Bearings and Sheet metal components

f) Others - Aviation, Home Living etc.

76

4. Inter Segment revenues are recognised at sales price.

5. The Segment Revenues, Results, Assets and Liabilities include therespective amounts identifiable to each of the segment and amountsallocated on a reasonable basis.

As at As at31st March, 31st March,

2011 2010(Rs. in lacs) (Rs. in lacs)

15. Investments in equity shares of Associates:

(a) P.T. Jaykay Files Indonesia 134.71 134.71

Add: Share of accumulated reserves/profits 380.20 381.19

Add: Share of current profits 115.55 (0.33)

630.46 515.57Less/(Add):Exchange fluctuation on openingretained earnings - 0.66

630.46 514.91

(b) J.K. Investo Trade (India) Limited 326.12 326.12

Add: Share of accumulated reserves/profits 3392.70 2721.12

Add: Share of current profits 1118.92 671.58

4837.74 3718.82

(c) Radha Krshna Films Limited (includinggoodwill Rs.18.22 lacs).

*-Being provision made for diminution in thevalue of investments * *

Year ended Year ended31st March, 31st March,

2011 2010(Rs. in lacs) (Rs. in lacs)

16. Computation of Profit for Earnings per Share:

Profit for the year after tax 3804.40 (5014.88)

Add/(Less): Prior period adjustments (61.66) (177.08)

Minority Interest (126.45) (60.95)

Share of tax on dividends (7.92) (8.10)

(Short)/Excess provision for tax 517.96 (21.09)

Share of Profit in Associate Companies 1242.39 679.35

Profit including Exceptional Items 5368.72 (4602.75)

Add /(Less): Exceptional Items (net of tax) 12527.16 7001.67

Profit excluding Exceptional Items 17895.88 2398.92

Weighted average number of Equity Sharesoutstanding during the year 61380853 61380853

Nominal value per Share in Rupees 10.00 10.00

Basic and diluted earnings per share includingexceptional items (in Rs.) 8.75 (7.50)

Basic and diluted earnings per share excludingexceptional items (net of tax) (in Rs.) 29.16 3.91

17. Previous year’s figures have been regrouped/recast wherever necessary.

18. Significant Accounting Policies and Practices-Annexure I.

CONSOLIDATED FINANCIAL STATEMENTS

ANNEXURE I

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES(annexed to and forming part of the Accounts for the year ended 31st March, 2011)

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS :

(i) The financial statements of the subsidiaries used in the consolidation aredrawn upto the same reporting date as that of the Parent Company, i.e.year ended 31st March. Certain foreign subsidiaries follow January toDecember as their financial year. In the case of these foreign subsidiariesthe Company has redrawn their financial statements for the year ended31st March.

(ii) The financial statements have been prepared under the historical costconvention and on the accrual basis of accounting. The accounts of theParent Company, Indian Subsidiaries and Joint Venture Companies havebeen prepared in accordance with the Indian Accounting Standards andthose of the foreign subsidiaries have been prepared in accordance withthe local laws and the applicable Accounting Standards/generally acceptedaccounting principles.

II. PRINCIPLES OF CONSOLIDATION :

(i) The financial statements of the Parent Company and its subsidiaries havebeen consolidated on a line-by-line basis by adding together the bookvalues of like items of assets, liabilities, income and expenses, after eliminatingintra-group balances, intra-group transactions and the unrealised profits.

(ii) The financial statements of the Parent Company and its subsidiaries havebeen consolidated using uniform accounting policies excepting therevaluation of assets by companies referred above. Further, accounting forimprovements to Leasehold Premises by Raymond Limited is in variation tothe methods adopted by other entities in the group.

(iii) The excess of the cost to the Parent Company of its investments in each ofthe subsidiaries over its share of equity in the respective subsidiary, on theacquisition date, is recognised in the financial statements as goodwill andamortised over a period of ten years. Fluctuation to goodwill in respect offoreign subsidiary arising subsequent to acquisition, on translation at theyear end rate, is included in the currency fluctuation reserve.

III. RECOGNITION OF INCOME AND EXPENDITURE :

Revenues/Incomes and Costs/Expenditure are generally accounted on accrual,as they are earned or incurred.

IV. FIXED ASSETS :

The fixed assets (other than livestock) are stated at cost, less accumulateddepreciation (other than freehold land where no depreciation is charged).Livestock are stated at book value.

V. METHOD OF DEPRECIATION AND AMORTISATION :

(i) Depreciation on Fixed Assets is provided :

(a) By Indian Companies - on WDV/SLM method and at rates under theCompanies Act, 1956.

(b) By foreign subsidiaries - on methods and at rates permissible underapplicable local laws or at such rates so as to write off the value ofassets over its useful life.

(ii) Cost of technical know-how capitalised is amortised over five years.

(iii) Cost of Customised Software is amortised over a period of three to six yearsthereof.

(iv) Cost of Trademarks acquired is amortised over a period of five years thereof.

(v) Goodwill arising on consolidation is amortized over a period of ten years.

VI. INVESTMENTS :

Investments are classified into Current and Long-term Investments. Currentinvestments are stated at the lower of cost and fair value. Long-term Investmentsare stated at cost. A provision for diminution is made to recognise a decline,other than temporary, in the value of Long-term Investments. However, fixedincome long term securities are stated at cost, less amortisation of premium /discount and provision for dimunition to recognise a decline, other thantemporary.

As per our Report of even date

For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIAFirm Registration President-Finance & Chairman and Managing DirectorNumber 102021W Chief Financial OfficerChartered Accountants

S. Venkatesh THOMAS FERNANDES P. K. BHANDARIPartner Director-Secretarial & DirectorMembership No. F-037942 Company Secretary

Mumbai, 21st April, 2011 Mumbai, 21st April, 2011

77

VII. VALUATION OF INVENTORIES :

(i) The inventories resulting from intra-group transactions have been stated atcost after deducting unrealised profit on such transactions.

(ii) Goods in transit are stated ‘at cost’.

(iii) Inventories are stated ‘at cost or net realisable value’, whichever is lower.

(iv) Cost comprise of all costs incurred in bringing the inventories to their presentlocation and condition. Cost formulae used are either ‘average cost’ or‘specific identification’, as applicable. Due allowance is estimated and madefor defective and obsolete items, wherever necessary, based on the pastexperience.

(v) All the costs incurred on un-invoiced conversion contracts are carried forwardas “Accumulated Costs on Conversion Contracts”

VIII.FOREIGN CURRENCY TRANSLATIONS :

For the purpose of consolidation, the amounts appearing in foreign currencies inthe Financial Statements of the foreign subsidiaries are translated at the followingrates of exchange:

(a) Average rates for the incomes and expenditure.

(b) The year-end rates for the assets and liabilities.

IX. FOREIGN CURRENCY TRANSACTIONS BY INDIAN COMPANIES :

(i) All transactions in foreign currency, are recorded at the rates of exchangeprevailing on the dates when the relevant transactions take place;

(ii) Monetary items in the form of Loans, Current Assets and Current Liabilities inforeign currency, outstanding at the close of the year, are translated in IndianCurrency at the applicable rates of exchange prevailing on the date of theBalance Sheet. Resultant gain or loss is accounted during the year;

(iii) In respect of Forward Exchange contracts entered into to hedge foreigncurrency risks, the difference between the forward rate and exchange rateat the inception of the contract is recognized as income or expense overthe life of the contract. Further, the exchange differences arising fromtranslation at the year end rate on such contracts are recognised as incomeor expense along with the exchange differences on the underlying assets /liabilities. Further, in case of other contracts with committed exchange rates,the assets/liabilities are accounted at the rate so committed. Profit or loss oncancellations / renewals of forward contracts is recognised during the year.In case of option contracts, the losses are accounted on mark to marketbasis.

X. EMPLOYEE BENEFITS :

Defined Contribution Plans such as Provident Fund etc., are charged to theProfit & Loss Account as incurred.Defined benefit Plans - The present value ofthe obligation under such plan, is determined based on an actuarial valuationusing the Projected Unit Credit Method, Actuarial gains and losses arising onsuch valuation are recognised immediately in the Profit & Loss Account. In caseof funded defined benefit plans the fair value of the plan assets is reduced fromthe gross obligation under the defined benefit plans, to recognise the obligationon net basis.Other Long term Employee Benefits are recognised in the samemanner as Defined Benefit Plans.Termination benefits are recognised as andwhen incurred. However, the termination benefits which fall due more than twelvemonths after the Balance Sheet are discounted using the yield on GovernmentBonds.

XI BORROWING COSTS

Interest and other borrowing costs attributable to qualifying assets arecapitalised.Other interest and borrowing costs are charged to revenue.

XII TAXATION :

Income-tax expense comprises current tax and deferred tax charge or credit.Provision for current tax is made on the basis of the taxable income at the taxrate applicable to the relevant assessment year. The deferred tax asset anddeferred tax liability is calculated by applying tax rate and tax laws that havebeen enacted or substantively enacted by the Balance Sheet date. Deferredtax assets arising mainly on account of brought forward losses and unabsorbeddepreciation under tax laws, are recognised, only if there is a virtual certainty ofits realisation, supported by convincing evidence. Deferred tax assets on account

of other timing differences are recognised only to the extent there is a reasonablecertainty of its realisation. At each Balance Sheet date, the carrying amount ofdeferred tax assets are reviewed to reassure realisation.

XIII IMPAIRMENT OF ASSETS:

The carrying amounts of assets are reviewed at each Balance Sheet date ifthere is any indication of impairment based on internal/external factors. Anasset is impaired when the carrying amount of the asset exceeds the recoverableamount. An impairement loss is charged to the Profit & Loss Account in the yearin which an asset is identified as impaired. An impairment loss recognised in prioraccounting periods is reversed if there has been change in the estimate of therecoverable amount.

XIV.GOVERNMENT GRANTS:

Grants received against specific fixed assets are adjusted to the cost of theassets and those in the nature of promoter’s contribution are credited to capitalReserve. Revenue Grants are recognised in the Profit & Loss Account inaccordance with the related scheme and in the period in which these areaccrued.

78

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ATTENDANCE SLIP(To be presented at the entrance of the Meeting venue)

86TH ANNUAL GENERAL MEETING ON TUESDAY, JUNE 7, 2011 AT 11.00 A.M

at Plot No. 156/H.No.2, Village Zadgaon, Ratnagiri – 415 612, Maharashtra

Folio No:………………………………… DP ID No:…………………….……………… Client A/c. No………………….……………

Name of the Shareholder:…………………………………………………... …………………………………………………………….

Signature of the Shareholder:…………………………………………………………………………………………………………….

(only shareholders/proxies are allowed to attend the meeting)

PROXY FORM86TH ANNUAL GENERAL MEETING ON TUESDAY, JUNE 7, 2011 AT 11.00 A.M

at Plot No. 156/H.No.2, Village Zadgaon, Ratnagiri – 415 612, Maharashtra

I/We .............................................................................................. of …………...........................................................................……

being a member(s) of Raymond Limited hereby appoint .................................................................................................

of ............................................................................................. or failing him/her .............................................................................

of ............................................................................................ or failing him/her ............................................................................

of .................................................................................................... as my/our proxy to attend and vote for me/us andon my/our behalf at the 86th Annual General Meeting of Raymond Limited to be held on Tuesday, June 7, 2011 orat any adjournment thereof.

Folio No: .................................................................................

DP ID No: ............................................................................ Client A/c. No. ..........................................................................

AffixRevenue

StampRe.1/-

Signed this ..................... day of ..............................., 2011 Signature across Revenue Stamp

Notes: • The proxy, in order to be effective, should be duly stamped, completed and signed must be deposited at the Registered Office of theCompany at Plot No. 156/H.No.2, Village Zadgaon, Ratnagiri – 415 612, Maharashtra, not less than 48 hours before the time of the meeting,

• The proxy need not be a member of the Company.

✄

INFO

MED

IA18

Annexure - 2 to the Directors’ ReportInformation as per Section 217 (2A) of the Companies Act, 1956 and the Companies (Particulars of Employees) Rules, 1975 and forming part of the Directors’ Report for the year ended March, 2011.

Sr. Employee Name Designation/ Remuneration Qualification Age Total Date of Particulars of Previous EmploymentNo. Nature of Duties Received (Years) Experience Commencement Organisation Designation Period for which

(Rupees) (Years) of Employment last post held(Years)

1 2 3 4 5 6 7 8 9(a) 9(b) 9(c)

1 Aiyar Tarun Director (Finance) 68,37,415 B.Com., ACA, PGDM 42 18 15.02.2007 Aditya Birla Mgt Sr. Vice President 2Corpn Ltd ( Corporate Finance)

2 Anant Narayan Madhvi* Jobber 13,81,826 Non-Metric 60 42 02.08.1968 — — —3 Arvind J * General Manager (Advertising - Textiles) 13,96,138 B.Sc. (Engg); PGDID 60 38 02.04.2001 Videocon Dy. General Manager 5

International Ltd4 Atmaram Shankar Bhoir* Warper 16,38,667 Metric 62 41 29.05.1969 — — —5 Bhatnagar R.K. Vice President (Emerging Business) 83,17,900 B.Com.,PGDBM 51 28 01.12.2003 Birla VXL Limited Senior Vice President 36 Bholasingh Ramsingh * Watch & Ward 10,65,446 Non-Metric 60 29 06.05.1981 — — —7 Chandrika R.Kurup * Clerk 10,36,200 B.A. 60 26 22.03.1984 — — —8 Chhotelal Sanktha Tiwari * Mazdoor 13,04,453 Non-Metric 63 41 30.07.1969 — — —9 Deshmukh Aniruddha President (Textiles) 1,41,82,438 B.E.(Mech.), PGDM 53 27 14.09.1984 S. B. Billimoria & Co. Management Consultant 210 Ghaneckar Geethaa Director - Corporate Learning & OD 67,77,790 B.Com , MBA 42 21 08.05.2009 Aig India VP & Head- Training & 2

Development11 Jain G.M. Director (Finance) 64,01,091 B.Sc., AICWA, ACS 56 34 01.11.2006 Century Enka Ltd Sr. Vice President (Finance) 312 Jayavant Harshal President (Engineering Business) 1,39,42,851 B.E. (Mech.), MMS 52 29 05.01.2004 BPL Engineering Ltd. Director 513 Kashinath C.Patil * Clerk 9,38,335 S.S.C. 62 23 01.10.1987 — — —14 Khetrapal D.D. * COO & Wholetime Director 36,27,128 B.Com., MBA (Hons.) 55 35 03.04.2007 Gunnebo AB President - Asia Pacific 12

Region15 Kulkarni S. G * Vice President (Realty Business) 59,49,175 B.E. (Civil), MMM (JBIMS) 54 30 02.02.2009 Emmar MGF Chief Operating Officer -

Land Ltd. Western Region 216 Kumbhar B.N.* Telephone Operator 12,76,184 S.S.C. 61 31 01.10.1979 — — —17 Lobo Robert President (Operations-Group Apparel) 1,54,36,112 B.A. PGDBM 51 31 07.10.2004 Morarjee Brembana Ltd Chief Executive Officer 618 Madhu Kumar B Vice President (Retail - Textiles) 94,65,940 B.A, ACA 50 24 05.07.2007 Benetton India Pvt Ltd Chief Executive Officer 219 Mrinmoy Mukherjee * Director - Mkt & Business Development - Retail 15,97,908 B.E (Civil) , PGDM 42 14 15.02.2011 The Mobile Store V P & Head 4 Months

Distribution20 Narayan Dattatray Shelar * Machine Operator 6,97,974 Metric 60 17 05.02.1993 — — —21 Narayan K.A. President (HR) 1,92,24,920 M.Com., LLB, PGDPM 53 30 29.10.2007 Wockhardt Ltd President (Corp. HR & Legal) 322 Pandey V.B.* Supervisor 7,07,437 Metric 63 43 19.06.1967 — — —23 Pandey M * Clerk 12,95,900 Non-Metric 61 36 19.07.1974 — — —24 Pandey Rakesh President - Retail & Business Development 1,38,92,225 B. Tech ( Chemical) 54 33 25.01.2010 Marico Limited CEO - Kaya Skin Care Limited 725 Parkar R.D.* Supervisor 12,85,657 Metric 61 41 26.05.1969 — — —26 Pokharna S.L. President - Corporate (Commercial) 1,12,30,631 B.Sc., ACA 57 30 01.10.1981 J.K.Helene Curtis Ltd. Accounts Manager 327 Ramajor Shivram * Clerk 7,11,079 Non-Metric 64 44 26.08.1966 — — —28 Ramesh Babajee Chawan * Supervisor 12,96,069 Metric 61 35 06.02.1975 — — —29 Ramesh Babu Parte * Machine Operator 5,25,960 — 61 21 01.03.1989 — — —30 Ramlochan Ramjeet Yadav *Supervisor 13,70,516 S.S.C. 61 38 05.04.1972 — — —31 Sarin Sanjiv Vice President-(Corporate Projects) 68,39,022 B.Com. 53 33 06.03.1979 Denson’s Engineers Sales Representative 6 Months32 Sham Bhaskar Vaity * Helper 13,72,776 Non-Metric 61 41 27.05.1969 — — —33 Shiwaji Dadoo Mohite * Electric Fitter 6,76,302 Non-Metric 64 48 20.06.1962 — — —34 Singh S.R.* Supervisor 15,95,351 B.A. 61 40 21.04.1970 — — —35 Singhal S.K.* President (Textiles) 1,62,60,442 B.Sc., B.Tech 59 37 05.05.1977 L.D.Wvg. Industries Ltd. Preparatory In-Charge 136 Sulochana Govind Jadhav * Mender 10,41,206 Non-Metric 60 28 08.04.1982 — — —37 Sunder H. President (Finance) & CFO 1,48,80,008 B.Com., ACA 51 27 01.10.1997 Raymond Synthetics Ltd. General Manager (Finance) 338 Uchil D.K. * Clerk 14,56,194 B.Com. 62 40 16.03.1970 — — —39 Vijay Vasant Pednekar * Supervisor 12,18,301 Metric 61 33 05.04.1977 — — —40 Vishnu Laxman More * Weaving Asst. 13,27,728 Non-Metric 60 42 20.05.1968 — — —

Notes:-

1 Remuneration received includes salary, commission, allowances, medical and leave travel expenses, gratuity, compensation under Voluntary Retirement Scheme and leave encashment paid, monetary value of perquisites as per Income TaxRules and Company’s contributions to Provident and Superannuation Funds.

2 The nature of employment is contractual in all the above cases.

3 None of the employees are related to any Director of the Company.

4 None of the employees owns more than 2% of the outstanding shares of the Company as on March 31, 2011.

5 Total experience shown in Column 7 includes service with previous employers.

6 * Persons employed for part of the year.